A $5,000 face value municipal bond matures in 12 years and is priced at $4,850. The coupon rate is 5.5% with interest paid semiannually. What is the yield to maturity on the bond?
A) 4.77%
B) 5.14%
C) 5.40%
D) 5.61%
E) 5.85%
Correct Answer:
Verified
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