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An annual coupon payment bond that has 20 year to maturity has YTM of 7%. Face value is $1000 and current selling price is $689.

An annual coupon payment bond that has 20 year to maturity has YTM of 7%. Face value is $1000 and current selling price is $689. What is the coupon rate? (HINT: You should use =PMT() function in Excel and use the coupon payment to calculate the coupon rate)

Question 8 options:

6.32%
4.06%
3.55%
2.57%

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