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BCC has issued 9 ^5/8 percent debentures that will mature on July 15, Year 28. Assume...

BCC has issued 9 ^5/8 percent debentures that will mature on July 15, Year 28. Assume that interest is paid and compounded annually. If an investor purchased a $1,000 denomination bond for $1,045 on July 15, Year 1, determine the bond’s yield-to-maturity. Round your answer to two decimal places.

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