Question: Using the average rate to maturity (yield approximation formula) approach, estimate the YTM on a 20-year, 7% annual coupon bond, with a face value of

Using the average rate to maturity (yield approximation formula) approach, estimate the YTM on a 20-year, 7% annual coupon bond, with a face value of

$1,000, annual coupon payments, and currently priced at $901.82. What is the value of the bond using the ARTM as the discount rate?

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