Broke Benjamin Co. has a bond outstanding that makes semi annual payments with a coupon rate...
Broke Benjamin Co. has a bond outstanding that makes semi annual payments with a coupon rate of 4.8%. the Bond sells for $951.07 and matures in 10 years. The par value is $1,000. What is the yield to maturity of the bond?
Homework Answers
price of coupon = Coupon payment per period * [1-(1+i)^-n]/i + par value/(1+i)^n
i = interest rate per period
n = number of periods
=>
951.07 = 48/2 * [1-(1+YTM/2)^-20]/YTM/2 + 1000/(1+YTM/2)^20
=>
using bond yield calculator
YTM = 5.44%
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