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Keenan Industries has a bond outstanding with 25 years to maturity, a 7.65% nominal coupon, semiannual payments, and a $1,000 par value. The bond has
Keenan Industries has a bond outstanding with 25 years to maturity, a 7.65% nominal coupon, semiannual payments, and a $1,000 par value. The bond has a 6.40% nominal yield to maturity, but it can be called in 6 years at a price of $1,085. What is the bond's nominal yield to call? Do not round your intermediate calculations.
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