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Today you are considering an XYZ bond that has 20 years until maturity (t =20). The Par value of the bond is 1,000 and the

Today you are considering an XYZ bond that has 20 years until maturity (t =20). The Par value of the bond is 1,000 and the bond has a coupon rate of the 6.0%, paid semi-annually (m=2). The current price of the bond is $785.00 = Quoted price of 78.5.

What is the yield to maturity on the bond?

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