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Market with seven years left to maturity

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The Timberlake-Jackson Wardrobe Co. has 10.9 percent coupon bonds on the market with seven years left to maturity. The bonds make annual payments and have a par value of $1,000.

If the bonds currently sell for $1,117.33, what is the YTM? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Yield to maturity     _________ %

Reference no: EM131947686

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