Question: Looking for formula and answer not in spreadsheet format. Step by step how the answer was found. Bond Yields- A Japanese company has a bond

Looking for formula and answer not in spreadsheet format. Step by step how the answer was found.

Bond Yields- A Japanese company has a bond outstanding that sells for 91.53 percent of its $Y100,000 par value. The bond has a coupon rate of 3.4 percent paid annually and matures in 16 years. What is the yield to maturity of this bond ?

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