Question: 2. Bonds issued by Jackson, Ltd. have a par value of $1000. The principal payment at maturity is $1000. The bonds are currently selling for

2. Bonds issued by Jackson, Ltd. have a par value of

2. Bonds issued by Jackson, Ltd. have a par value of $1000. The principal payment at maturity is $1000. The bonds are currently selling for $992 and have eight years to maturity. The annual coupon rate on the bond is 4.7%. Find the approximate yield to maturity using the formula 1 introduced for finding the approximate yield. (4 points)

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