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ivolga24 [154]
3 years ago
14

Footsteps Co. has a bond outstanding with a coupon rate of 5.4 percent and annual payments. The bond currently sells for $1,007.

49, matures in 18 years, and has a par value of $1,000. What is the YTM of the bond
Business
1 answer:
Mekhanik [1.2K]3 years ago
3 0

Answer: 5.33%

Explanation:

Use a financial calculator to get this faster.

On the calculator input the following.

<em>FV</em> = 1,000 because when it matures in 18 years it will be worth this

<em>PV</em> = -1007.49 as that is the current value. Should be in negative.

<em>PMT </em>= 54 because the coupon payments are 5.4% from the par of $1,000 which is $54.

<em>N</em> = 18

Click compute / CPT and then click I/Y.

You should get a YTM of 5.33%.

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