Problem 2. A corporation has an issue of bonds with annual 6% coupons maturing in 5 years, which are quoted at a price that yields 4% effective. It is proposed to replace this issue of bonds with an issue of 5.25% bonds with annual coupons. How long must the new issue run (i.e. maturity of new issue bonds) so that the bondholders still realize 4% effective. Answer to the nearest year