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There are 150000, 7.1% half-yearly bonds outstanding, with par value $1000 each. The bonds have 20 years to maturity and sell for 109% of par.

There are 150000, 7.1% half-yearly bonds outstanding, with par value $1000 each. The bonds have 20 years to maturity and sell for 109% of par.

Find the YTM of these bonds without using excel:

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