Question
The market price is $775 for a 13-year bond ($1,000 par value) that pays 11 percent annual interest, but makes interest payments on a semiannual
The market price is $775 for a 13-year bond ($1,000 par value) that pays 11 percent annual interest, but makes interest payments on a semiannual basis (5.5 percent semiannually). What is the bond's yield to maturity?
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
7th Edition
1259919714, 978-1259919718
