There is a bond that has a quoted price of 94.023 and a par value of...

There is a bond that has a quoted price of 94.023 and a par value of $2,000. The coupon rate is 6.51 percent and the bond matures in 13 years. If the bond makes semiannual coupon payments, what is the effective annual interest rate?

Expert Solution

Answer: 7.36%

jeff jeffy answered 2 years ago

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