A $3-$year bond provides a coupon of $8\%$ semiannually and has a cash price of $104.$ What is the bond$$s yield? Choose the closest value.

The solutions manual provides an answer with continuous compounding; however, since payments are made semiannually, it is better to use semi$-$annual compounding.

You may use the following Excel file by clicking the file name.

Time

A

B

C

D

E

E

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$9$

$10$

$11$

$12$

$13$

$14$