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The Salem Company bond currently sells for $1,650.89, has a coupon interest rate of 13% and a $1,000 par value, pays interest annually, and has

The Salem Company bond currently sells for $1,650.89, has a coupon interest rate of 13% and a $1,000 par value, pays interest annually, and has 16 years to maturity. Calculate the yild to maturity on this bond (Round to three decimals)

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