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Uzlet Inc. has a bond outstanding with 14 years to maturity, a 6.25% nominal coupon, semiannual...

Uzlet Inc. has a bond outstanding with 14 years to maturity, a 6.25% nominal coupon, semiannual payments, and a $1,000 par value. The bond has a 5.50% nominal yield to maturity, but it can be called in 5 years at a price of $1,025. What is the bond’s nominal yield to call? Show work. Put your answer in a complete sentence.

Hint: Calculate the bond’s price, its PV first.
Don’t forget payments are semiannual, so periods have to be doubled.

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