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A year ago, a corporation issued a 10-year bond with face value of $1,000 and coupon rate of 6% at par. Today, interest rates have
A year ago, a corporation issued a 10-year bond with face value of $1,000 and coupon rate of 6% at par. Today, interest rates have declined, causing the yield-to-maturity to drop by 1.36% versus the yield-to-maturity when the bond was issued last year. Calculate by what percentage the price of the bond has increased over the past year based on this decline in the yield- to-maturity Note: Enter your answer rounded to the nearest first digit after the decimal point. For example, if your calculated price increase is 0.0542 or 5.42%, enter your answer as: 5.4
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