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The 7 percent bonds issued by Modern Kitchens pay semiannually, mature in eight years, and have a $1,000 fac value. Currently, the bonds sell for

The 7 percent bonds issued by Modern Kitchens pay semiannually, mature in eight years, and have a $1,000 fac value. Currently, the bonds sell for $1,032. What is the yield to maturity?

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