Question
A $1,000 par value bond with 15 years to maturity and a 5% coupon rate is priced at $1,060. If the coupon is paid semi-annually,
A $1,000 par value bond with 15 years to maturity and a 5% coupon rate is priced at $1,060. If the coupon is paid semi-annually, what is the yield to maturity of the bond (please round your answer to two decimal places)?
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
5th edition
321280299, 321280296, 978-0321280299
