Question: 3. Complete problem: Yield to Maturity for Annual Payments XYZ Corporations bonds have 14 years remaining to maturity. Interest is paid annually, the bonds have

3. Complete problem: Yield to Maturity for Annual Payments

XYZ Corporations bonds have 14 years remaining to maturity. Interest is paid annually, the bonds have a $1,000 par value, and the coupon interest rate is 10%. The bonds sell at a price of $950. What is their yield to maturity? Show your work.

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