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You notice in the WSJ a bond that is currently selling in the market for $1,054 with a coupon of 9% and a(n) 16 -year

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You notice in the WSJ a bond that is currently selling in the market for $1,054 with a coupon of 9% and a(n) 16 -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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