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You notice in the WSJ a bond that is currently selling in the market for $1,099 with a coupon of 11% and a(n) 18 -year

You notice in the WSJ a bond that is currently selling in the market for $1,099 with a coupon of 11% and a(n) 18 -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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