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The Pioneer Petroleum Corporation has a bond outstanding with an $ 1 0 0 annual interest payment, a market price of $ 8 9 0

The Pioneer Petroleum Corporation has a bond outstanding with an $

100

annual interest payment, a market price of $

890,

and a maturity date in five years. Assume the par value of the bond is $

1, 000 .

Find the following:

approximate yield to maturity and the exact yield to maturity

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