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Puckett Corporation Bond

Price: $1.99

It is now January 2, 2012, and you are considering the purchase of an outstanding Puckett Corporation bond that was issued on January 4, 2010. The Puckett bond has a 9.5 percent annual coupon and a 30-year original maturity (it matures on December 30, 2039). Interest rates have declined since the bond was issued, and the bond is currently selling for $1,165.75. What is the yield to maturity in 2012 for the Puckett bond? The bond's face value is $1,000.

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