Watters umbrella corp issued 21 year bonds two years ago at a coupon rate of 9.9%. The

Question:

Watters umbrella corp issued 21 year bonds two years ago at a coupon rate of 9.9%. The bonds make semiannual payments. If these bonds currently sell for 101% of par value, the YTM is ___%

Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...