A bond has a face value of $10,000; a coupon rate of interest of 6%; and an annual interest payment of $600. The bond matures on January 20, 2035. Yesterday the bond sold for $10,700 in the secondary bond market. What is the current yield on the bond?
A) 7%
B) 6.5%
C) 6%
D) 5.6%
Correct Answer:
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