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You buy a ( n ) 1 5 . 5 % coupon, 2 0 - year maturity bond for $ 1 , 4 5 6

You buy a(n)15.5% coupon, 20-year maturity bond for $1,456.61. A year later, the bond
price is $2,060.02.
a. What is the new yield to maturity on the bond? (Do not round intermediate
calculations. Round your answer to 2 decimal places.)
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