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Co. has 7%coupon rate bonds, 9-yearmaturity. Payments are annual . Face value is $1,000. If the price=$1,038.50, what's theYTM? Note that PMT and FV have

Co. has 7%coupon rate bonds, 9-yearmaturity. Payments areannual. Face value is $1,000.

If the price=$1,038.50, what's theYTM? Note that PMT and FV have the same sign, while PV has the opposite sign in Excel. (Round your answer to 2 decimal places)

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