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Question(s) / Instruction(s):

Adams Enterprises’ noncallable bonds currently sell for $1,120.  They have a 15-year maturity, an annual coupon of $85, and a par value of $1,000.  What is their yield to maturity?

a)      7.17%

b)      5.84%

c)       6.81%

d)      6.47%

e)      6.15%

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