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Question 1) IBM has just issued a callable (at par) 7 year, 11% coupon bond...

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Accounting

Question 1)

IBM has just issued a callable (at par) 7 year, 11% coupon bond with annual coupon payments. The bond can be called at par in one year or anytime thereafter on a coupon payment date. It has a price of $106 per $100 face value. What is the bond's yield to call?

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