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You are evaluating an outstanding issue of $1,000 par value bonds with a(n)11.48% coupon rate that mature in 25 years and make quarterly interest payments.

You are evaluating an outstanding issue of $1,000 par value bonds with a(n)11.48% coupon rate that mature in 25 years and make quarterly interest payments. If the current market price for the bonds is $856, what is the quoted annual yield to maturity for the bonds? The quoted annual yield to maturity for the bonds is \%. (Round to two decimal places.)

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