Stein Co. issued 13-year bonds two years ago at a coupon rate of 9.8 percent. The bonds

Question:

Stein Co. issued 13-year bonds two years ago at a coupon rate of 9.8 percent. The bonds make semiannual payments.

If these bonds currently sell for 101 percent of par value, what is the YTM? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...