The bonds issued by Hardwood Floors & More have a 9.25% coupon and pay interest annually. The face value is $1,000 and the current market price is $1,014.60. The bonds mature in 16 years. What is the yield to maturity on these bonds?
A) 8.93%
B) 8.98%
C) 9.07%
D) 9.29%
E) 9.32%
Correct Answer:
Verified
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