3. Backwater Corp. has 9 percent coupon bonds making annual payments with a YTM of 8.4 percent. The current yield on these bonds is 8.75 percent.

How many years do these bonds have left until they mature? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Maturity of bond

years

4. Martin Software has 11.4 percent coupon bonds on the market with 18 years to maturity. The bonds make semiannual payments and currently sell for 108.5 percent of par.

What is the YTM? (Round your answer to 2 decimal places. (e.g., 32.16))

YTM

%

What is the effective annual yield? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Effective annual yield

%