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The Timberlake-Jackson Wardrobe Co has 7 percent coupon bonds on the market with nine years left to maturity. The bonds make annual payments. Required: If

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The Timberlake-Jackson Wardrobe Co has 7 percent coupon bonds on the market with nine years left to maturity. The bonds make annual payments. Required: If the bond currently sells for $1,038.50, what is its YTM? (Do not round intermediate calculations. Round your answer to 2 decimal places (e.g., 32.16).) Yield to maturity

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