Solutions to Chapter 1
2. When the bond is selling at a discount, $970 in this case, the yield to maturity is greater than 8%. We know that if the yield to maturity were 8%, the bond would sell at par. At a price below par, the yield to maturity exceeds the coupon rate. Current yield = coupon payment/bond price = $80/$970. Therefore, current yield is also greater ... ................
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