Face Value = $1,000
Current Price = $915
Annual Coupon = $70
Time to Maturity = 15 years
Let Annual YTM be i%
$915 = $70 * PVIFA(i%, 15) + $1,000 * PVIF(i%, 15)
Using financial calculator:
N = 15
PV = -915
PMT = 70
FV = 1000
I = 7.99%
Annual YTM = 7.99%
Aspen Company's non-callable bonds currently sell for $915. They have a 15-year maturity, an annual coupon...
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