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The bonds issued by Cedar Inc. have a 7.5% coupon and pay interest annually. The face value is $1,000 and the current market price is

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The bonds issued by Cedar Inc. have a 7.5% coupon and pay interest annually. The face value is $1,000 and the current market price is $1,038.70. The bonds mature in 16 years. What is the yield to maturity on these bonds? 8.06% 7.32% 7.09% 8.30% 9.07%

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