What is the rate of return on a $5000 bond purchased at $4750 with a 12% coupon?
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Answer:
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Pull out your reference sheet that has the Pascal's Triangle.
Step 1) Locate the row that starts with 1, 8, ... If this row isn't shown, then you'll need to find a bigger Pascal's Triangle.
Step 2) Count out exactly five spaces starting at the first value 1. Why five? Because we start at 0 instead of starting at 1. The first value in the row represents
while the second value in that row represents 
and the third value represents 
and so on. So the value 
is in the fifth slot from the left.
You should land on the value 70, which is the final answer
Step 1) Locate the row that starts with 1, 8, ... If this row isn't shown, then you'll need to find a bigger Pascal's Triangle.
Step 2) Count out exactly five spaces starting at the first value 1. Why five? Because we start at 0 instead of starting at 1. The first value in the row represents
You should land on the value 70, which is the final answer