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The market price is $875 for a 16-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual

The market price is $875 for a 16-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? Question 7-5

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