Coupon rate is 7.60% payable semiannual
coupons are not callable and its selling price is equal to its bond price. It means Bonds coupon rate is equal to its market interest rate of yield to maturity.
so market interest rate (nominal rate) is 7.60%
number of compounding in year (n) =2
effective interest rate = ((1+(nominal rate/n))^n)-1
=((1+(7.6%/2))^2)-1
=0.077444 or 7.7444%
So effective interest rate is 7.7444%
Micron Technology's bonds currently sell for $1,280 and have a par value of $1,000. They pay...
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