Suppose Moogle, Inc. wishes to issue a bond with a maturity of 13 years, a face value of $100,000 and an annual coupon rate of 7.0% to raise $86,189. What is the yield to maturity (YTM) on this bond? Note that the annual coupon rate is the annual coupon as a percentage of face value, but the coupon is paid every six months, and the YTM, like all interest rates, is reported on an annualized basis. (Allow two decimals in the percentage but do not enter the % sign.)
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