A 550 percent coupon bond with 14 years left to maturity is, Ask an Expert

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A 5.50 percent coupon bond with 14 years left to maturity is offered for sale at $975.50.

Required:

What yield to maturity is the bond offering? (Assume interest payments are paid semi annually.) (Round your answer to 2 decimal places. Omit the "%" sign in your response.)

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