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The market price is $ 875 for a 10-year bond ($ 1,000 par value) that pays 8 percent annual interest, but makes interest payments on
The market price is $ 875 for a 10-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?
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Part 1
The bond's yield to maturity is %. (Round to two decimal places.)
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