Question: NO EXCEL SOLUTIONS!!!!! A 15-year 1,000 par value bond that pays semiannual coupons at an annual rate of 6% and redeems for 1,500 is bought

NO EXCEL SOLUTIONS!!!!! A 15-year 1,000 par value bond that pays semiannual coupons at an annual rate of 6% and redeems for 1,500 is bought on April 23, 2010 to yield 5% per year compounded semiannually.

a) If this bond is sold to a new owner on April 23, 2018, just after the coupon is paid, for a price of $1,491.14, what is the nominal annual yield rate that was earned by the original bond holder? Round to 8 decimal places

b) Referring to Part (a), if the new bond owner holds the bond to redemption, what nominal annual yield rate will he or she earn? Round to 8 decimal places

Please answer both parts of the one question and do so by writing out solutions, no excel!!!!

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