Theo has been assigned the task of determining the cost of capital for hisdivision of the Frm. His Frst step is to determine the cost of debt. The Frm has$1,000 par value bonds outstanding that have an annual coupon rate of 8.00% andmake semiannual payments. These bonds have twenty-three years remaining tomaturity and currently sell for $1,133.42. What is the yield-to-maturity on thesebonds? Use a Fnancial calculator to determine your answer.