Manuel bought a $100,000 bond with a 4% coupon for $92,300 when it had five years remaining to maturity. What was the prevailing market rate at the time Manuel purchased the bond? (Taken from CIFP course materials.)

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The Answer of Manuel bought a $100,000 bond with a 4% coupon for $92,300 when it had five years remaining to maturity. What was the prevailing market rate at the time Manuel purchased the bond? (Taken from CIFP course materials.)

Manuel Bought a $100,000 Bond with a 4% Coupon for $92,300