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Ethan has an opportunity to buy a bond with a face value of $10,000 and a coupon rate of 8%, but payable quarterly (i.e. 2%

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Ethan has an opportunity to buy a bond with a face value of $10,000 and a coupon rate of 8%, but payable quarterly (i.e. 2% for every 3 months). If the bond matures in 9 years and Ethan can currently buy this bond for $4,000, what is his IRR for this investment? IRR > 24.0% 18.0%

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