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Watters Umbrella Corp. issued 11-year bonds four years ago at a coupon rate of 10.8 percent. The bonds make semiannual payments. If these bonds currently

Watters Umbrella Corp. issued 11-year bonds four years ago at a coupon rate of 10.8 percent. The bonds make semiannual payments.

If these bonds currently sell for 135.4 percent of par value, what is the YTM?

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