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The 13-year,$1,000par value bonds of Waco Industries pay 9percent interest annually. The market price of the bond is $885, and the market’s required yield to maturity on a comparable-risk bond is 12 percent. Compute the bond’s yield to maturity? Determine the value of the bond to you given the market’s required yield to maturity on a comparable-risk bond? Should you purchase the bond?

 
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