Question: 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

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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