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7. Pablo just purchased a bond for $1,024.75. The bond has a face value of $1,000 and a 10 percent coupon rate, with coupon interest paid annually, Pablo's broker told him that the yield to maturity on this bond is 9.5%; however, the broker did not tell him when the bond would mature. Calculate how many years this bond has left until it matures. Solution: 7.00077 years 8. Your broker is suggesting that you purchase a 20-year Industrial Business Machines bond that is selling for $9,120. The face value on the bond is $10,000 and your broker tells you that the bond has a yield to maturity of 10.7%. You are interested in knowing what type of interest payment you will receive each year while you are holding the bond. If Industrial Business Machines makes annual interest payments, what is the coupon rate on the bond and how large will each coupon interest payment be? Solution: Coupon Payment = $961.6538 Coupon Rate = 9.61654%