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You are evaluating an outstanding issue of $1.000 par value bonds with a(n) 8.61% coupon rate that mature in 25 years and make quarterly interest

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You are evaluating an outstanding issue of $1.000 par value bonds with a(n) 8.61% coupon rate that mature in 25 years and make quarterly interest payments. If the current market price for the bonds is $832, what is the quoted annual yield to maturity for the bonds? ns The quoted annual yield to maturity for the bonds is % (Round to two decimal places.)

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