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You notice in the WSJ a bond that is currently selling in the market for $1,085 with a coupon of 11% and a(n) 23-year maturity.

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You notice in the WSJ a bond that is currently selling in the market for $1,085 with a coupon of 11% and a(n) 23-year maturity. Using annual compounding, calculate the promised yield on this bond. The bond's promised yield is %. (Round to two decimal places.)

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