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4. Assume the following information for a given municipal step-up bond: Par = $5000 Maturity = 23 years Current price = $4,274.20 Assigned interest

4. Assume the following information for a given municipal step-up bond: Par = $5000 Maturity = 23 years Current price = $4,274.20 Assigned interest rates: Years 1-4: 1.18% Years 5-11: 2.03% Years 12-19: 2.14% Years 20-23: 2.27% If this bond pays annual coupon payments, what is the current YTM (Yield-to- Maturity or Internal Rate of Return) for this bond?

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