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how to solve this in steps (5-6) Bond Valuation: 'The Pennington Corporation issued a new series of bonds on Ist January 1990. The bonds were

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(5-6) Bond Valuation: 'The Pennington Corporation issued a new series of bonds on Ist January 1990. The bonds were sold at par ($1,000), had a 12 per cent coupon, and matured in 30 years on 31 st December 2020 . Coupon payments are made semi-annually (on June 30 and December 31 ). a. What was the YTM on the date the bonds were issued? b. What was the price of the bonds on Ist January 1995 (5 years later), assuming that interest rates had fallen to 10 per cent? c. Find the current yield, capital gains yield, and total yield on 1st January 1995 , given the price as determined in part b

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