Question: ABC Inc. recently issued $1,000 par bonds at a 8.40% coupon rate. If the bonds have 18 years to maturity and current price of $1,099,

ABC Inc. recently issued $1,000 par bonds at a 8.40% coupon

ABC Inc. recently issued $1,000 par bonds at a 8.40% coupon rate. If the bonds have 18 years to maturity and current price of $1,099, what is the yield to maturity? Assume semi-annual compounding. Note: Convert your answer to percentage and round off to two decimal points. Do not enter \% in the answer box

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