I am stuck trying to figure out how to calculate the coupon rate. The examples I have found do not have it as an unknown.
Please help! You don't need to use my numbers. I just want to know how to solve.
Here's what is given:
14.5 years to maturity, semi-annual payments
CURRENT price of the bond is $1038
YTM = 6.1%
Question: what must be the coupon rate?
Thank you SO much in advance.
Please help! You don't need to use my numbers. I just want to know how to solve.
Here's what is given:
14.5 years to maturity, semi-annual payments
CURRENT price of the bond is $1038
YTM = 6.1%
Question: what must be the coupon rate?
Thank you SO much in advance.