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Please tell me how to solve it by hand, do not use finance calculator to solve it. I need the steps, thanks! Rogue Recovery Inc.

image text in transcribedPlease tell me how to solve it by hand, do not use finance calculator to solve it. I need the steps, thanks!

Rogue Recovery Inc. wishes to issue new bonds but is uncertain how the market would set the yield to maturity. The bonds would be 20-year, 7% annual coupon bonds with a $1,000 par value. The firm has determined that these bonds would sell for $1,050 each. What is the yield to maturity for these bonds? A. 6.54% B. 7.35% C 6.55% D. 7.00%

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