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QUESTION
The market price is $850 for a 20-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual...
The market price is $850 for a 20-year bond ($1,000 par value) that pays 12 percent annual interest, but makes interest payments on a semiannual basis (6 percent semiannually). What is the bond's yield to maturity?
