Question: 23. What is the approximate yield to maturity for a $1,000 par value bond selling for $1,120 that matures in 6 years and pays 12

23. What is the approximate yield to maturity for a $1,000 par value bond selling for $1,120 that matures in 6 years and pays 12 percent interest annually? (Please calculate the arithmetic solution and show your work)

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