Question: How do I solve this? Need to show work. Question: XYZ currently has 21 long-term bond issues outstanding with various times-to-maturity and coupon rates. One

How do I solve this? Need to show work.

Question: XYZ currently has 21 long-term bond issues outstanding with various times-to-maturity and coupon rates. One of these bonds matures on Dec 1, 2031, approximately 15 years from today. It has a yield to maturity of 4.8%. For simplicity, assume that coupons are paid annually. The bond is currently selling for $1,105, based on a face (par) value of $1,000. What is the coupon rate? (Closest number)

Answer: 5.78%

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