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interest payments on a semiannual basis
The market price is $1,075 for a 12-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual basis (6 percent semiannually). What is the bond’s yield to maturity?
The bond’s yield to maturity is ____%(Round to two decimal places.)
I got 10.66% but that was wrong.
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