The Pennington Corporation issued a new series of bonds on January 1,1975. the bonds were sold at Par ($1000), have a 12% coupon, mature in 30 years, on December 31,2004. coupon payments are made semiannually (on June 30 and December 31)
what is the YTM (Yield to Maturity) of Penningtons bonds on January 1,1975?
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