Question: Apple would like to issue a 10 year bond with $1,000 face value. The coupon rate is 5.5%, and is paid semiannually. The bond is

Apple would like to issue a 10 year bond with $1,000 face value. The coupon rate is 5.5%, and is paid semiannually. The bond is expected to sell at $975. The issued cost is 3% of the total bond value. What is the yield to maturity of this bond?

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