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Nathan Akpan wants to invest her recent bonus in a seven-year bond that pays semi-annual coupons at a rate of 7 percent. It is currently

Nathan Akpan wants to invest her recent bonus in a seven-year bond that pays semi-annual coupons at a rate of 7 percent. It is currently selling at $957.23. What is the current market yield on such bonds?

a) 10.1%

b) 7.80%

c) 8.4%

d) 7.4%

Please use financial formula to calculate this problem. Do not use financial calculator or excel.

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