The $1,000 face value bonds of Galaxies International have coupon of 6.45 percent and pay interest...
The $1,000 face value bonds of Galaxies International have coupon of 6.45 percent and pay interest semiannually. Currently, the bonds are quoted at 103.4 and mature in 4 years. What is the yield to maturity?
Homework Answers
Yield to Maturity = [Interest + (Price - Redeemable Value)/n] / (Price + Redeemable Value)/2 = [32.25 + (1034 - 1000)/8] / (1034 + 1000)/2 = 2.745% semi-annually
Annually = 2.745 x 2 = 5.49%. Option 5.
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