Yield to maturity Moes Inc. has bonds outstanding with a par value of $1000 and 10 years to maturity. These bonds pay a coupon of $45 every six months. Current market conditions are such that the bond sells for $938. Calculate the yield to maturity on the issue.

Duration A newly issued 5-year Altec Corp. bond has a price of $1,095.99, a par value of $1,000, and pays annual interest at a 12% coupon rate. Find the duration of the bond.