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The market price is $775 for a 16-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual

The market price is

$775

for a

16-year

bond

($1,000

par value) that pays

percent annual interest, but makes interest payments on a semiannual basis

percent semiannually). What is thebond's yield to maturity?

The bond's yield to maturity is

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