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NJK LTD ISSUED A BOND WITH A PAR VALUE OF K1000 FOR 20 YEARS ON 1ST JANUARY 2004. THE COUPON RATE ON THE BOND IS

NJK LTD ISSUED A BOND WITH A PAR VALUE OF K1000 FOR 20 YEARS ON 1ST JANUARY 2004. THE COUPON RATE ON THE BOND IS 10%. ON 1ST JANUARY 2006, THE BOND WAS TRADING AT K1600. FIND THE YIELD TO MATURITY (YTM) OF THIS BOND. (5MARKS)

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