A $5,000 face value municipal bond with a coupon rate of 3.5 percent has 13 years to maturity and a current price of $4,812. Interest is paid semiannually. What is the bond's yield to maturity?
A) 2.10 percent
B) 3.61 percent
C) 3.87 percent
D) 3.95 percent
E) 4.23 percent
Correct Answer:
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