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You own a bond that pays pays interest annually. The coupon rate is 12%. The face value is $1,000 and the current market price is

You own a bond that pays pays interest annually. The coupon rate is 12%. The face value is $1,000 and the current market price is $1,062.50. The bond matures in 30 years. What is the yield to maturity? (round your answer to two decimal places)

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