Watters umbrella corp issued 15-year bonds 2 years ago at a, Ask an Expert

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Watters Umbrella Corp. issued 15-year bonds 2 years ago at a coupon rate of 9.1 percent. The bonds make semiannual payments. If these bonds currently sell for 103 percent of par value, what is the YTM? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).)

YTM %

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