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Please explain how to find the PMT value of $30.50. Thank you! Too Young, Incorporated, has a bond outstanding with a coupon rate of 6.1

Please explain how to find the PMT value of $30.50. Thank you!

Too Young, Incorporated, has a bond outstanding with a coupon rate of 6.1 percent and semiannual payments. The bond currently sells for $940 and matures in 18 years. The par value is $1,000. What is the company's pretax cost of debt? Explanation $940=$30.50{1[1/(1+R)36]}/R+$1,000/R36R=.0334,or3.348YTM=3.339%2YTM=6.68%

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