Serengeti Corp. has five-year bonds outstanding that pay a coupon of 8.8 percent.

QUESTION:

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Serengeti Corp. has five-year bonds outstanding that pay a coupon of 8.8 percent. If these bonds are priced at $1,064.86, what is the yield to maturity on these bonds? Assume semiannual coupon payments. What is the effective annual yield?

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