Temex bonds have 7 years remaining to maturity. Interest is paid annually, the bonds have for a

Question:

Temex bonds have 7 years remaining to maturity. Interest is paid annually, the bonds have for a $1,000 par value, and the coupon interest rate is 8%. The bonds sell at a price of $930. What is their yield to maturity?

Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...

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