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(16) A $1000 face value bond pays semi-annual coupons at a rate of 8% APR compounded semi-annually. The bond has 20 years to maturity with

(16)

A $1000 face value bond pays semi-annual coupons at a rate of 8% APR compounded semi-annually. The bond has 20 years to maturity with the next coupon payment due in 6-months. What is the yield to maturity of the bond (stated as an APR with semi-annual compounding) if the bond is currently priced at $1,283.71?

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