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Furst Co: Bond Yields. What is the YTM?

Please explain how to do the following on a spreadsheet. I am having difficulty in doing this.

Furst Co. issued 12-year bonds 2 years ago at a coupon rate of 8.4 percent. The bonds make semiannual payments. If these bonds currently sell for 87 percent of par value, what is the YTM?

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Since the bonds are selling at a discount, we know that the YTM must be higher than the coupon rate. I ...

Solution Summary

The solution explains how to use an Excel function to arrive at the answer for the yield to maturity percentage.