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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 12% and a(n) 18-year maturity.

You notice in the WSJ a bond that is currently selling in the market for $1,081 with a coupon of 12% and a(n) 18-year maturity. Using annual compounding, calculate the promised yield on this bond.

The bond's promised yield is (blank) percent ? *round to two decimal places*

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