7.5c The following shows the information of a bond: Type of Bond Non-callable municipal bond Issue Date 20-Jun-11 Maturity Date 20-Jun-21 Face Value              100.00 Redemption Value              100.00 Coupon Rate 8% payable semi-annual 7.5c Assume that the coupon dates of the bond are June 20 and December 20 ofeach year. Isaac bought the bond on the issue date at a price of $89. Slightlyover 4 years on August 5, 2015 Simon purchased the bond from Isaac at apurchase (dirty) price of $93.70. Find (c) the yield to maturity of Simon's purchase on 5 Aug 15

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