A bond that matures in 7 years sells for $1,020. The bond has a face...
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Finance
A bond that matures in 7 years sells for $1,020. The bond has a face value of $1,000 and a yield to maturity of 10.5883%. The bond pays coupons semiannually. What is the bond's current yield?
I understand that the equation to determine current yield is annual coupon payment/current bond price. I have also figured out how to find the annual coupon payment on a financial calculator but I need help understanding how to format the equation to determine annual coupon payment.
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