What is the yield of maturity on this bond

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Reference no: EM131844271

The Willow Company bond currently sells for $978.23, has a 7% coupon interest rate and a $1,000 par value, pays interest semiannually, and has 15 years to maturity.

What is the yield of maturity (YTM) on this bond? Note: Do not use the approximation, instead use the Excel function for rate to solve the for the exact number. Be sure to adjust for the semiannual coupons.?????????????????????????? Show all work.

Reference no: EM131844271

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