Pbj corporation issued bonds on january 1, 2006. the bonds had a coupon rate of 5.5%, with interest paid semiannually. the face value of the bonds is $1,000 and the bonds mature on january 1, 2021. what is the yield to maturity for a pbj corporation bond on january 1, 2012 if the market price of the bond on that date is $950

Solution:

Using financial calculator  :  

                                            Pmt =55/2 = 27.5

                                          Pmt = 27.5

                                           Fv = 1000

                                            N = 9×2 =18

                                            Pv = - 950

                                    Press cpt and I/Y

                                         I / Y = 6.23%

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