Question: Solve the question using an easy to understand approach, step by step A $100 bond has a YTM of 6% p.a. and is due to

Solve the question using an easy to understand approach, step by step

A $100 bond has a YTM of 6% p.a. and is due to mature in 3 years' time. The next interest payment is due in 1 year's time. Today's market value of the bond is $108.60. Calculate the coupon rate on the bond to the nearest whole % *

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