Preston Corporation has a bond outstanding with an annual interest

payment of $$70,$ a market price of $$1,200,$ and a maturity date in $5$ years.

Assume the par value of the bond is $$1,000.$

Find the following:

Note: Use the approximation formula to compute the approximate yield

to maturity and use the calculator method to compute the exact yield

to maturity. Do not round intermediate calculations. Input your

answers as a percent rounded to $2$ decimal places.

Answer is complete but not entirely correct.