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Yield to Call and Realized Rates of Return Goodwynn & Wolf Incorporated ( G&W ) issued a bond 7 years ago. The bond had a

Yield to Call and Realized Rates of Return
Goodwynn & Wolf Incorporated (G&W) issued a bond 7 years ago. The bond had a 20-year maturity, a 14% coupon paid annually, a 9% call premium and was issued at par, $1,000. Today, G&W called the bonds. If the original investors had expected G&W to call the bonds in 7 years, what was the yield to call at the time the bonds were issued? Round your answer to two decimal places.

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