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5. A 30-year 1000 par value bond with coupons at 9% payable semiannually and a redemption value of 1100 is purchased for a price that
5. A 30-year 1000 par value bond with coupons at 9% payable semiannually and a redemption value of 1100 is purchased for a price that results in a yield of 12% compounded semiannually. Suppose that the bond is called (i.e. redeemed) prior to the actual maturity date and results in an actual nominal yield rate convertible semiannually of 14%. Note: Assume that the bond is called immediately after a coupon payment is made. Calculate the number of years the bond was held. Round your answer to the nearest whole number
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