The Lo Sun Corporation offers a 5.9 percent bond with a current market price of $816.50. The yield to maturity is 8.21 percent. The face value is $1,000. Interest is paid semiannually. How many years until this bond matures

11.79 years

Explanation:

using the yield to maturity formula we can determine the number of periods until maturity:

YTM = {coupon + [(face value - market value)/n]} / [(face value + market value)/2]

0.0821/2 = {29.5 + [(1,000 - 816.5)/n]} / [(1,000 + 816.5)/2]

0.04105 = {29.5 + [(1,000 - 816.5)/n]} / 908.25

0.04105 x 908.25 = {29.5 + [(183.5)/n]

37.2837 = 29.5 + [(183.5)/n]

7.7837 = 183.5/n

n = 183.5 / 7.7837 = 23.57 / 2 (years) = 11.79 years

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough