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XYZ Inc. recently issued $1,000 par bonds at a 8.40% coupon rate. If the bonds have 18 years to maturity and current price of $885,

XYZ Inc. recently issued $1,000 par bonds at a 8.40% coupon rate. If the bonds have 18 years to maturity and current price of $885, what is the yield to maturity? Assume semi-annual compounding.

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