Northern Corp. issued 15-year bonds two years ago at a coupon rate of 6.25 percent.

Northern Corp. issued 15-year bonds two years ago at a coupon rate of 6.25 percent. The bonds make semiannual payments. If these bonds currently sell for 102.50 percent of par value, what is the YTM?

Expert Solution

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FV		1,000.00
PV	1000*102.5%	(1,025.00)
PMT	1000*6.25%/2	31.25
N	15*2	30

Compute I		2.997%

YTM = 2.997%*2		5.99%

Ans=		5.99%

jeff jeffy answered 3 years ago

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