A bond with 15 years remaining until maturity is currently trading for 96 per 100 of par value The bond has a coupon rate of 8 and makes semiannual coupon payments The bond offers the following embedded options Putable after 5 years at 96 Callable after 10 years at 105 Callable after 11 years at 103 Callable on coupon dates after year 12 at par The bond's yield to first call is

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Question: A bond with 15 years remaining until maturity is currently trading for 96 per 100 of par value. The bond has a coupon rate of

A bond with 15 years remaining until maturity is currently trading for 96 per 100 of par value. The bond has a coupon rate of 8% and makes semiannual coupon payments.

The bond offers the following embedded options:

Putable after 5 years at 96
Callable after 10 years at 105
Callable after 11 years at 103
Callable on coupon dates after year 12 at par

The bond's yield to first call is ______%

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