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The market price is $1,050 for a 15-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual

The market price is $1,050 for a 15-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual basis (6 percent semiannually). What is the bond's yield to maturity?

12.30%
10.96%
10.30%
11.30%

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