The pennington corporation issued a new series of bonds, Ask an Expert

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The Pennington Corporation issued a new series of bonds 23½ years ago. The bonds were sold at par value, which is $1,000, have a 12 percent coupon, and mature 6½ years from today. Coupon payments are made semiannually (on June 30 and December 31).

a. What was the YTM on Pennington’s bonds when they were issued?

b. Suppose that the bonds currently sell for $916.42. What is the bond’s YTM?

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Financial Management, Finance

Category:- Financial Management
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