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Vertex bonds have a maturity value of $1,000. The bonds carry a coupon rate of 14 percent. Interest is paid semi-annually. The bonds will mature

Vertex bonds have a maturity value of $1,000. The bonds carry a coupon rate of 14 percent. Interest is paid semi-annually. The bonds will mature in seven years. If the current market price is $1,092.65.

What is the current yield on the bond or the perpetual rate?

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