Ryan purchased a bond for $980 at the beginning of 2011.He received annual interest payments of $55 at the end of each year through 2016 when the bond was redeemed at its face value of $1,000.Compute the yield (internal rate of return)Ryan earned on his bond purchase.
A)5.50%
B)5.61%
C)5.91%
D).34%

Question

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The Answer of Ryan purchased a bond for $980 at the beginning of 2011.He received annual interest payments of $55 at the end of each year through 2016 when the bond was redeemed at its face value of $1,000.Compute the yield (internal rate of return)Ryan earned on his bond purchase.
A)5.50%
B)5.61%
C)5.91%
D).34%

Ryan Purchased a Bond for $980 at the Beginning of 2011.He