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An n-year bond redeemable at par with a face value of $3,000 pays semiannual coupons at a nominal rate of 6% per year. The bond
An n-year bond redeemable at par with a face value of $3,000 pays semiannual coupons at a nominal rate of 6% per year. The bond has a nominal yield of 7%, convertible semiannually. The book value after the 7th coupon is $11 more than the book value after the 6th coupon. Find n.
(A) 7.5
(B) 9.0
(C) 11.5
(D) 13.0
(E) 15.0
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