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The Jam Electric Ltd . bonds have 8 years remaining to maturity. Interest is paid annually; the bonds have a $ 1 , 0 0

The Jam Electric Ltd

.

bonds have

8

years remaining to maturity. Interest is paid annually; the bonds have a $

1, 000

par value; and the coupon interest is

12 % .

What is the yield to maturity at a current market price of $

925 .

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