Collingwood Homes has a bond issue outstanding that pays an 8.5 percent coupon and matures in 16.5 years.The bonds have a par value of $1,000 and a market price of $944.30.Interest is paid semiannually.What is the yield to maturity?
A) 8.36 percent
B) 8.42 percent
C) 8.61 percent
D) 8.74 percent
E) 9.16 percent
Correct Answer:
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