A firm issued a new series of bonds on January 1, 1992. The bonds were...
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Accounting
A firm issued a new series of bonds on January 1, 1992. The bonds were sold at par ($1,000), have a 12 percent coupon, and mature in thirty years. Coupon payments are made semi-annually (on June 30 and December 31).
If, on July 1, 2012, an investor expects the bonds to sell for $896.64. What is the expected yield to maturity on the bonds at that date?
Please help using a financial calculator if possible!
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