Aurand Ltd has outstanding bonds with an 8% annual coupon rate paid semi-annually.The bonds have a par value of $1000, a current price of $904, and will mature in 14 years.What is the annual yield to maturity on the bond?
A) 15.80%
B) 10.47%
C) 9.24%
D) 7.90%
Correct Answer:
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