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The Bonsai Nursery Corporation has $1,000 par value bonds with a coupon rate of 8% per year making semiannual coupon payments. If bonds are selling

The Bonsai Nursery Corporation has $1,000 par value bonds with a coupon rate of 8% per year making semiannual coupon payments. If bonds are selling for $876.40 with 12 years remaining prior to maturity, what is the yield to maturity for these bonds?

a. 9.80%
b. 8.00%
c. 9.77%
d. 8.33%

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