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XYZ company issued a 12-year bond that has $1,000 par value, pays 9% annual coupon rate and is selling for $950. Compute the yield-to-maturity on

XYZ company issued a 12-year bond that has $1,000 par value, pays 9% annual coupon rate and is selling for $950. Compute the yield-to-maturity on the bond if the coupons are distributed semiannually.

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