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Need help please to finish that problem can someone help me please I need the steps ?
Health food’s bonds have 7 years remaining to maturity. The bonds have a face value of $1,000 and a yield to maturity of 8%. They pay interest annually and have a 9% coupon rate. What is their current yield?
I know the final result which is 8.55% but I don know how to do it step * step
The bonds would be selling at a premium of $31.50 per bond or $1031.50 each. Over the term of the bond you must amortize that premium because you will only get $1,000 as a final payout. If you divide $31.50 by 7 that equals 4.50. So your annual income is $90 less 4.50 or $85.50 (8.55%).
To get the amount of the premium multiply .45 times 7 you will get $31.50. add that to $1,000 and you wil get $1,031.50.
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