Footsteps Co. has a bond outstanding with a coupon rate of 6.4 percent and annual payments. The bond currently sells for $964.14, matures in 22 years, and has a par value of $1,000. What is the YTM of the bond?
rev: 10_08_2018_QC_CS-142218
Multiple Choice
5.60%
6.04%
6.72%
6.64%
6.40%
| K = N |
| Bond Price =∑ [(Annual Coupon)/(1 + YTM)^k] + Par value/(1 + YTM)^N |
| k=1 |
| K =22 |
| 964.14 =∑ [(6.4*1000/100)/(1 + YTM/100)^k] + 1000/(1 + YTM/100)^22 |
| k=1 |
| YTM% = 6.72 |
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