Question: Please show steps how to solve with excel formula OR solve with calculator the firm's bonds have an annual coupon payment of 7.25%. The bonds

Please show steps how to solve with excel formula OR solve with calculator

the firm's bonds have an annual coupon payment of 7.25%. The bonds have a par value of $1,000, a current price of $1,125, and they will mature in 13 years. What is the yield to maturity on these bonds?

Answer: 5.85%

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