Determine the after-tax yield (i.e., IRR on the ATCF) obtained by an individual who

purchases a $12,000, 10-year, 10% nominal interest rate bond.

Given that interest is paid semi-annually, and the bond was bought after the fifth payment had just been

received by the previous owner. The purchase price for the bond was $8,000.

All revenues (including capital gains) are taxed at an income rate of 28%. The bond is held

to maturity.

Answer to 2 d.p and don't use excel.