1. Bonds issued by Fairfax Mechanical were priced at 921.95 dollars six months ago and...
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1. Bonds issued by Fairfax Mechanical were priced at 921.95 dollars six months ago and are priced at 906.85 dollars today. The bonds have a face value of 1,000 dollars, pay semi-annual coupons, and just made a coupon payment. The bonds had a percentage return over the past six months (from 6 months ago to today) of 6.66 percent. What is the coupon rate of the bonds? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
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