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If the bonds have a par value of 1000 and are currently

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Jack Jones is interested in buying some bonds. The bonds have a 12% coupon rate and mature in 20 years. If the bonds have a par value of $1,000 and are currently selling for $1,160, what is the approximate yield to maturity on the bonds?

a) 12%
b) 11.6%
c) 8.3%
d) 10.22%

Reference no: EM13569670

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