Question: How do I solve this without excel? You buy a bond with a $1,000 par value today for a price of $875. The bond has

How do I solve this without excel? You buy a bond

How do I solve this without excel?

You buy a bond with a $1,000 par value today for a price of $875. The bond has 6 years to maturity and makes semiannual coupon payments at a rate of 9%. If you hold the bond to maturity, what was your bond equivalent yield? 5.99% 11.98% 12.34% 12.04%

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