Question: Blue's Chips Inc. has a $ 1 , 0 0 0 par value bond that is currently selling for $ 1 , 3 0 0

Blue's Chips Inc. has a $1,000 par value bond that is currently selling for $1,300. It has an annual coupon rate of 7%, paid semiannually, and has nine years remaining until maturity. What is the annual yield to maturity on the bond? (Round to the nearest whole percentage.)
3.12%
1.57%
6.24%
3.15%

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