Question: Please do not use excel to solve this problem and complete all steps. (Related to Checkpoint 9.2) (Yield to maturity) Hoyden Co.'s bonds mature in

Please do not use excel to solve this problem and complete all steps.

(Related to Checkpoint 9.2) (Yield to maturity) Hoyden Co.'s bonds mature in 17 years and pay 7 percent interest annually. If you purchase the bonds for $800, what is their yield to maturity? The yield to maturity on the Hoyden bonds is 1%. (Round to two decimal places.)

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