What's the current yield of an 8.15 percent coupon corporate bond quoted at a price of 94.30?

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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 an 8.15 percent coupon bond, the annual coupon payment is 8.15% of the face value, which is typically $100, so the payment is $8.15. If the bond is quoted at a price of 94.30, the current yield is $8.15 / $94.30 = 0.0864 or 8.64 percent.

What's the Current Yield of an 8