Question: A company wishes to issue 10 year semi-annual pay bonds with a face value of $1,000 and a coupon rate of 5%. The market has

A company wishes to issue 10 year semi-annual pay bonds with a face value of $1,000 and a coupon rate of 5%. The market has shifted before the issuance and the bonds will sell at 95% of face value. What is the YTM of the bonds when they are sold?

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