A bond sold by General Motors Corp. has a face value on $1,000, a coupon payment of $70 per year, and a maturity of 3 years. The first coupon payment occurs a year from now. The market price is $720, what is the YTM?

You can use Excel's IRR function to solve this one. There will be 3 cash flows for the 3 years of $70, $70, and $1,070.

Answer should be a number given as a %. That is, for example 3.18% should be answered as 3.18 rather than 3.18% or 0.0318