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The Monroe Corporation has a bond with an annual coupon rate of 9 percent, and is currently selling for $920. The bond matures in 15

The Monroe Corporation has a bond with an annual coupon rate of 9 percent, and is currently selling for $920. The bond matures in 15 years and is callable in four (4) years. At call the bond will pay a call premium of 12%. Determine the bonds approximate yield-to-call (AYC).

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