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(Yield to maturity) The market price is $1,150 for a 20-year bond ($1,000 par value) that pays 9 percent annual interest, but makes interest payments

(Yield to maturity) The market price is $1,150 for a 20-year bond ($1,000 par value) that pays 9 percent annual interest, but makes interest payments on a semiannual basis (4.5 percent semiannually)

What is the bond's yield to maturity?

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(Related to Checkpoint 9.2) (Yield to maturity) The market price is $1.150 for a 20-year bond (\$1.000 par value) that pays 9 percent annual interest, but makes interest payments on a semiannual basis (4.5 percent semiannually) What is the bond's yield to maturity? The bond's yield to maturity is \%. (Round to two decimal places.)

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