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3. ConEdison Utility Company has four-year bonds outstanding that pay a coupon rate of 6.6% and make coupon payments semiannually. If these bonds are selling

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3. ConEdison Utility Company has four-year bonds outstanding that pay a coupon rate of 6.6% and make coupon payments semiannually. If these bonds are selling at $918.39, what is the yield to maturity that an investor can expect to earn on these bonds? Semi-Annual FV = 1000 n = 8 PMT = 33 ily = 4.54 PV = -918.4 YTM = 4.54*2 = 9.08 HOW DID WE GET THE INTEREST RATE OF 4.54

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