Bill Jones purchases a $1000 bond for $750.76.The bond is redeemable at par in 10 years and pays semi-annual coupons at j₂ = 6%.He sells the coupons to Sam Smith at a price to yield Sam Smith j₂ = 8%.What is the yield rate j₂ earned by Bill Jones? (Answer to the nearest 0.10%)

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The Answer of Bill Jones purchases a $1000 bond for $750.76.The bond is redeemable at par in 10 years and pays semi-annual coupons at j₂ = 6%.He sells the coupons to Sam Smith at a price to yield Sam Smith j₂ = 8%.What is the yield rate j₂ earned by Bill Jones? (Answer to the nearest 0.10%)

Bill Jones Purchases a $1000 Bond for $750