A bond’s market price is $875. It has a $1,000 par value

A bond’s market price is $875. It has a $1,000 par value, will mature in 8 years, and has a coupon interest rate of 12% annual interest, but makes its interest
payments semiannually. What is the bond’s yield to maturity if it matures in 8 years? 16 years? 4 years? (Show work as well as answers)


 

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