A bond currently trades at $975 on the secondary market.The bond has 10 years until maturity and pays an ANNUAL coupon at 9% of face value.The face value of the bond is $1,000.What is the yield to maturity for this bond?
A) 8.86%
B) 9.00%
C) 9.23%
D) 9.40%
Correct Answer:
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Exhibit 4-1
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