Buddy the Elf purchases a $1,000, 3-year corporate bond from Maple Syrup Inc. The bond has a coupon rate of 4.40%, interest is paid semi-annually. If he were to sell his bond in the market today he can do so for $960. What is the yield to maturity?

Express your answer in % form. For example, if you get 3.12% or .0312 you would answer with 3.12

Answer rating: 100% (QA)

To calculate the yield to maturity we need to solve for the interest rate that ... View the full answer