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disa [49]
3 years ago
5

The bonds issued by United Corp. bear a coupon of 6 percent, payable semiannually. The bond matures in 20 years and has a $1,000

face value. Currently, the bond sells at $955. The yield to maturity (YTM) is _____%.
Business
1 answer:
pishuonlain [190]3 years ago
8 0

Answer: 6.40%

Explanation:

Use Excel to calculate this by the formula;

= RATE(Nper,Pmt,-Pv,Fv)

Nper is number of periods = 20 * 2 = 40 semi annual periods

Pmt is the payment = $6%/2 * 1,000 = $30

Pv is the present value = $955

Fv is future value or face value = $1,000

= RATE (40,60,-955,1000)

= 3.20% * 2 (because this is a semi annual rate)

= 6.40%

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