6. Bonds issued by the Medford Corporation have a par value of $1,000, are selling for $865,...

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6. Bonds issued by the Medford Corporation have a par value of $1,000, are selling for $865, and have 25 years to maturity. The annual interest payment is 8 percent.

Find yield to maturity by combining the trial-and-error approach with interpolation, as shown in this appendix. (Use an assumption of annual interest payments.)

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Foundations Of Financial Management

ISBN: 9780073382388

13th Edition

Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen

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