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The 7 percent bonds issued by Modern Kitchens pay interest semiannually, mature in eight years, and have a $ 1 , 0 0 0 face

The

7

percent bonds issued by Modern Kitchens pay interest semiannually, mature in eight years, and have a $

1, 000

face value. Currently, the bonds sell for $

960 .

What is the yield to maturity?

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