Question
The market price is $825 for a 15-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual
The market price is $825 for a 15-year bond ($1,000 par value) that pays 8 percent annual interest, but makes interest payments on a semiannual basis (4 percent semiannually). What is the bond's yield to maturity?
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International Financial Markets And The Firm
Authors: Piet Sercu, Raman Uppal
1st Edition
1861523548, 978-1861523549
