Question
Seven years ago you bought a $1,000 par bond with a 5.5% semi-annual coupon and a 15-year maturity at a price of $975. Today you
Seven years ago you bought a $1,000 par bond with a 5.5% semi-annual coupon and a 15-year maturity at a price of $975. Today you sold the bond for $825. What was the yield to maturity on the bond when you sold it?
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Financial Markets and Institutions
Authors: Frederic S. Mishkin, Stanley G. Eakins
5th edition
321280299, 321280296, 978-0321280299
