(B) (i) Sensational Ltd. has 15 year 1,000 fully secured bonds in issue which have a coupon interest rate of 9%. Interest is compounded and paid annually on 31 December. The bonds are due to mature at par on 31 December 2028. These bonds were quoted in the Irish Times on 31 December 2018 at 1,180.

Required: Calculate the exact yield to maturity on Sensational Ltds bonds, assuming that an investor purchased one 1,000 bond on 31 December 2018 at the price quoted that day.