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How the market would set the yield to maturity

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Question 1: Wofford Fine Fixtures Inc. wishes to issue new bonds but is uncertain how the market would set the yield to maturity. The bonds would be 20-year, 7% annual coupon bonds with a $1,000 par value. Wofford has determined that these bonds would sell for $1,050 each. What is the yield to maturity for these bonds? (hint: solve for I/YR)

Reference no: EM132504326

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