Palmer Products has outstanding bonds with an annual 8 percent coupon. The bonds have a par value of $1,000 and a current price of $1,295.00. The bonds will mature in 11 years. What is the yield to maturity on the bonds?
a. 10.09%
b. 7.50%
c. 4.53%
d. 3.90%
e. 2.54%
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