The market price is $800 for a 19-year bond ($1,000 par value) that pays 11 percent annual interest, but makes interest payments on a semiannual basis (5.5 percent semiannually).
What is the bond's yield to maturity?
Number of periods = 19 * 2 = 38
Coupon = (0.055 * 1000 = 55
Yield to maturity = 14.04%
Keys to use in a financial calculator: 2nd I/Y 2, FV 1000, N 38, PMT 55, PV -800, CPT I/Y
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