What's the current yield of a 6 percent coupon corporate bond quoted at a price of 101.70?

Question

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The current yield of a bond is calculated by dividing the annual coupon payment by the market price of the bond. For a 6 percent coupon bond, the annual coupon payment is 6% of the face value, which is typically $100, so the payment is $6. Dividing this by the market price of 101.70 gives a current yield of approximately 5.9 percent (6 / 101.70 = 0.059 or 5.9%).

What's the Current Yield of a 6 Percent Coupon Corporate