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QUESTION 3 A 10-year bond of a firm in severe financial distress has a coupon rate of 14% and sells for $900. The firm is

QUESTION 3 A 10-year bond of a firm in severe financial distress has a coupon rate of 14% and sells for $900. The firm is currently renegotiating the debt, and it appears that the lenders will allow the firm to reduce coupon payments on the bond to one-half the originally contracted amount. The firm can handle these lower payments. What are the expected yield to maturity of the bonds? (Do NOT enter % sign. If your answer is 0.0678 or 6.78% enter only 6.78. Round your answer to 2 decimal places

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