A 5.40 percent coupon bond with 17 years left to maturity is offered for sale at $955.62. What yield to maturity is the bond offering? (Assume interest payments are semiannual.) (Round your answer to 2 decimal places.)
K = Nx2 |
Bond Price =∑ [(Semi Annual Coupon)/(1 + YTM/2)^k] + Par value/(1 + YTM/2)^Nx2 |
k=1 |
K =17x2 |
955.62 =∑ [(5.4*1000/200)/(1 + YTM/200)^k] + 1000/(1 + YTM/200)^17x2 |
k=1 |
YTM% = 5.81 |
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