Leechtown Co. has 4.3% coupon bonds on the market with 18 years left to maturity. The bonds make annual payments. If the bond cu
rrently sells for $870, what is its YTM? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Yield to maturity %
1 answer:
Answer:
YTM = 5.45%
Step-by-step explanation:
Here, we are interested in calculating the yield to maturity.
Mathematically;
Annual coupon=1000*4.3%=43
YTM=[Annual coupon+(Face value-Present value)/time to maturity]/(Face value+Present value)/2
=[43+(1000-870)/18]/(1000+870)2
=5.45%
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