A firm raises capital by selling $28,000 worth of debt with flotation costs equal to 3% of its par value. If the debt matures in 15 years and has an annual coupon interest rate of 11%, what is the...

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Extracted text: A firm raises capital by selling $28,000 worth of debt with flotation costs equal to 3% of its par value. If the debt matures in 15 years and has an annual coupon interest rate of 11%, what is the bond's YTM? The bond's YTM is%. (Round to two decimal places.)