Question: A 1800 par value callable bond with coupons at 7% payable semiannually was called for 1900 prior to maturity. The bond was bought for 1714

A 1800 par value callable bond with coupons at 7% payable semiannually was called for 1900 prior to maturity. The bond was bought for 1714 immediately after a coupon payment and was held to call. The nominal yield rate convertible semiannually was 9%. Calculate the number of years the bond was held.

Answer choices: n=14 or n=5

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