Question: Evans Emergency Response bonds have 8 years to maturity. Interest is paid semiannually. The bonds have a $ 1 , 5 0 0 par value

Evans Emergency Response bonds have 8 years to maturity. Interest is paid semiannually. The bonds have a $1,500 par value and a coupon rate of 6 percent.
If the price of the bond is $1,078.56, what is the annual yield to maturity?

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