Suppose you were offered a 12 year, 15% coupon, $1000 par value bond at a price of $1298.68. What rate of interest (yield to maturity) would you earn if you bought and held it to maturity? (at semiannual interest);This is the exact question from the text book, Contemporary Engineering Economics 5th ed. It is problem 4.89. I need the answer worked out using equations so that I understand what is happening. Thank you.
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