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Question - Harold Reese must choose between two bonds:
Bond X pays $96 annual interest and has a market value of $955. It has 12 years to maturity.
Bond Z pays $88 annual interest and has a market value of $940. It has four years to maturity.
Assume the par value of the bonds is $1,000.
Required -
a. Compute the current yield on both bonds.
b. Which bond should he select based on your answers to part a?
c. A drawback of current yield is that it does not consider the total life of the bond. For example, the approximate yield to maturity on Bond X is 10.25 percent. What is the approximate yield to maturity on Bond Z? The exact yield to maturity?
d. Has your answer changed between parts b and c of this question?
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