Approximate yield to maturity
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A ten-year bond pays 11% interest on a $1000 face value annually. If it currently sells for $1,195, what is its approximate yield to maturity? (Show all work/calculations/formulas)
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Solution Summary
The solution explains how to calculate the approximate yield to maturity of a bond
Solution Preview
The formula for approximate yield to maturity is
Approx YTM = (annual interest payment + ...
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