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A municipal bond with a coupon rate of 4.30 percent sells for $4,825 and has eleven years until maturity. What is the yield to maturity
A municipal bond with a coupon rate of 4.30 percent sells for $4,825 and has eleven years until maturity. What is the yield to maturity of the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
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Step: 1
To find the yield to maturity YTM of the bond we need to solve for the rate r in the present value formula for bonds where the present value price of ...Get Instant Access to Expert-Tailored Solutions
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Step: 2
Step: 3
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