A municipal bond with a coupon rate of 580 percent sells, Ask an Expert

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A municipal bond with a coupon rate of 5.80 percent sells for $4,900 and has six years until maturity. What is the yield to maturity of the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)

Yield to maturity of the bond __________%

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