A firm raises capital by selling $28,000 worth of debt with flotation costs equal to 1% of its par value. If the debt matures in 15 years and has an annual coupon interest rate of 7%, what is the bond's YTM? The bond's YTM is %. (Round to two decimal places.)

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A: Dividend amount is calculated as follows:-Dividend amount = Face value * Coupon rate

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A:

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A: a) Interest payment you receive each year = Par value * Coupon rate

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