Question: Problem 6-4 Bond Yields [LO 2] The Timberlake-Jackson Wardrobe Co. has 11.1 percent coupon bonds on the market with ten years left to maturity. The

Problem 6-4 Bond Yields [LO 2]

The Timberlake-Jackson Wardrobe Co. has 11.1 percent coupon bonds on the market with ten years left to maturity. The bonds make annual payments and have a par value of $1,000. If the bonds currently sell for $1,148.91, what is the YIELD TO MATURITY? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

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