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The King Hotels & Resorts has 8.4 percent coupon bonds on the market with 20 years to maturity. The bonds make semiannual payments and currently

  1. The King Hotels & Resorts has 8.4 percent coupon bonds on the market with 20 years to maturity. The bonds make semiannual payments and currently sell for $1,070. What is the YTM on these bonds?

(All calculations must be shown for intermediate calculations.)

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