Using the formula for YTM (yield to maturity) in the lecture, what is the rate of return for a bond issued by the Eastern Development Corporation of New England with a face value of $10.000 purchased for $15,000 that pays a 5.6% annual per year in dividends. The bond will be held for 8 years before it is redeemed. Answer should be calculated to two decimal places. For example if your answer is 5.55% enter 5.55 Hint: What is the value of the coupon associated with this bond? Your Answer

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