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The market price is $725 for a 12 -year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a

The market price is $725 for a 12 -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?

The bond's yield to maturity is?.

(Round to two decimal places.)

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