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The market price is $900 for a 16-year bond ($1,000 par value) that pays 9 percent annual interest, but makes interest payments on a semiannual

The market price is $900 for a 16-year bond ($1,000 par value) that pays 9 percent annual interest, but makes interest payments on a semiannual basis(4.5 percent semiannually). What is the bond's yield to maturity?

(Round to two decimal places.)

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