Question: Please write out and explain each step and equation used please. #15 The market price of a semi-annual pay bond is $992.63. It has 17.00

Please write out and explain each step and equation used please.

#15 The market price of a semi-annual pay bond is $992.63. It has 17.00 years to maturity and a coupon rate of 8.00%. Par value is $1,000. What is the effective annual yield? Submit Answer format: Percentage Round to: 4 decimal places (Example: 9.2434%, % sign required. Will accept decimal format rounded to 6 decimal places (ex: 0.092434)) unanswered not submitted Attempts Remaining: Infinity

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