Question: Patsy Dougherty bought a $1,000-face-value bond with a 9% annual coupon and three years to maturity that makes its first interest payment one year from

Patsy Dougherty bought a $1,000-face-value bond with a 9% annual and three years to that makes its first interest payment one year from today. Patsy bought the bond for $975.13. What is the bond's yield-to-maturity?

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