Question: IBM has just issued a callable (at par) 9 year, 15% coupon bond with annual coupon payments. The bond can be called at par in

IBM has just issued a callable (at par) 9 year, 15% coupon bond with annual coupon payments. The bond can be called at par in one year or anytime thereafter on a coupon payment date. It has a price of $105 per $102 face value. What is the bond's yield to call? Express your answers in strictly numerical terms. For example, if the answer is 5%, write 0.05

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