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Watters Umbrella Corp. issued 20 -year bonds 2 years ago at a coupon rate of 8.6 percent. The bonds make semiannual payments. If these bonds

Watters Umbrella Corp. issued 20 -year bonds 2 years ago at a coupon rate of 8.6 percent. The bonds make semiannual payments. If these bonds currently sell for 95 percent of par value, what is the YTM? a. 8.05% b. 4.1% C. 9.17% d. 7.05%

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