Question: Please do not solve in excel and instead solve by hand. Please include each step. 7. A 7% bond maturing in 8 years with semiannual

Please do not solve in excel and instead solve by hand. Please include each step.

Please do not solve in excel and instead solve by hand. Please

7. A 7% bond maturing in 8 years with semiannual coupons to yield 6% convertible semiannually is to be replaced by a 6.5% bond yielding the same return. Assuming that both bonds have the same price, yield rate and face amount, in how many years should the new bond mature

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