Palmer products has outstanding bonds with an annual 8% coupon. The bonds have a par value of $1,000 and a price of 87.81. The bonds will mature in 20 years. What is the yield to maturity on the bonds?

Essentials Of Investments
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Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
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Chapter1: Investments: Background And Issues
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Palmer products has outstanding bonds with an annual 8% coupon. The bonds have a par value of $1,000 and a price of 87.81. The bonds will mature in 20 years. What is the yield to maturity on the bonds?
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