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(Yield to maturity)The market price is $1,050 for a 16-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on

(Yield to maturity)The market price is $1,050 for a 16-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual basis (4 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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