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The market price is $1,100 for a 12-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual

The market price is $1,100 for a 12-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual basis (4 percent semiannually). What is the bond's yield to maturity?

The bond's yield to maturity is _____%. (Round to two decimal places.)

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