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Find out the yield to maturity of the bond

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Reference no: EM132696156

A 6.25 percent coupon bond (par value=$1,000) with 16 years left to maturity is offered for sale at $1,015.25. Assuming interest payments are semiannual, what is the yield to maturity of the bond? Please show step by step process.

Reference no: EM132696156

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