It is now January 1, and you are considering purchasing an outstanding Puckett Corporation bond that was issued two years ago. The Puckett bond has a 9.5 percent annual coupon and a 30-year original maturity. Interest rates have declined since the bond was issued, and the bond is now selling at 116.575 percent of the par value, or $1,165.75. What is the yield to maturity for the Puckett bond today?
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