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You notice in the WSJ a bond that is currently selling in the market for $1,081 with a coupon of 9% anda(n) 21-year maturity. Using

You notice in the WSJ a bond that is currently selling in the market for $1,081 with a coupon of 9% anda(n) 21-year maturity. Using annualcompounding, calculate the promised yield on this bond.

WHAT IS THE BONDS PROMISED YIELD %? (Round to two decimalplaces.)

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