A nine-year bond with semiannual coupons at annual coupon rate 6.4% convertible semiannually has a face and redemption value of $60000. The bond is purchased for $55000 and is callable at the end of years 7, 8, and 9. What is the maximal yield rate to call in this situation? Show all work, do not use excel functions and give correct answer for thumbs up

6. [12 pts] A nine-year bond with semiannual coupons at annual coupon rate 6.4% convertible semiannually has a face and redemption value of $60000. The bond is purchased for $55000 and is callable at the end of years 7,8 , and 9 . What is the maximal yield rate to call in this situation