Footsteps Co. has a bond outstanding with a coupon rate of 5.8 percent and annual payments. The bond currently sells for $939.96, matures in 16 years, and has a par value of $1,000. What is the YTM of the bond?
Multiple Choice
5.80%
6.41%
5.34%
5.77%
6.17%
using excel RATE function
YTM = RATE(number_of_periods, payment_per_period, present_value, [future_value], [end_or_beginning], [rate_guess])
= RATE(16.58,-939.96,1000)
= 6.41%
Footsteps Co. has a bond outstanding with a coupon rate of 5.8 percent and annual payments....
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