An n-year bond with semiannual coupons has the following characteristics:

An n-year bond with semiannual coupons has the following characteristics:

i) The par value and redemption value are 2500;

ii)The annual coupon rate is 7% payable semi-annually;

iii)The annual nominal yield to maturity is 8% convertible semiannually; and

iv)The book value immediately after the fourth coupon is 8.44 greater than the book value immediately after the third coupon.

Calculate n.