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A 6% $3000 par-value bond maturing in eight years and having semiannual coupons is to...

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A 6% $3000 par-value bond maturing in eight years and having semiannual coupons is to be replaced by a 5.5% $3000 par bond, also with semiannual coupons. Both bonds are bought to yield 5% nominal interest convertible semiannually. In how many years should the new bond mature? (Both bonds have the same price as well as the same yield.) Answer to the nearest half-year. yr

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