Stein co. issued 13-year bonds two years ago at a coupon rate of 10.3 percent. the bonds make semiannual payments. if these bonds currently sell for 95 percent of par value, what is the ytm?

Nper = 11*2 = 22 (indicates the period over which interest payments are made)

PMT = 1000*10.3%*1/2 = 51.5 (indicates sem-annual interest payments)

PV = 1000*95% = 950 (indicates the current selling price of the bonds)

FV = 1000 (indicates the face value of bonds)

Rate = ? (Indicates YTM)

YTM = Rate(Nper,PMT,PV,FV)*2 = Rate(22,51.5,-950,1000)*2 = 11.098% or 11.10%

Answer is 11.098% or 11.10%.

the least common denominator is 40

the answer is c

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