Problem $6-4$ Bond Yields $[$LO $2]$

This question is related to Question $6-7$ in Ch$.6-$B Assignment.

The Petit Chef Co$.$ has $7$ percent coupon bonds on the market with $9$ years left to

maturity. The bonds make annual payments and have a par value of $$1,000.$ If the bonds

currently sell for $$1,068\mathrm{.}79,$ what is the YTM $($market intereste rate$)?$

Hint: If $x$ is the $YTM$ in $\%,$ then PV $(x,9)=0\mathrm{.}5919$;$PV(x,18)=0\mathrm{.}3503$;$PV(\frac{x}{2},9)=$

$0\mathrm{.}7664$;$PV(\frac{x}{2},18)=0\mathrm{.}5874$