Determine the yield of the bond

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Reference no: EM131078108

A 9.25% coupon bond issued by Gurley Gears LLC is purchased January 1, 2010 and matures December 31, 2018. The purchase price is $1079 and interest (the coupon) is paid semi-annually. If the face value of the bond is $1,000, determine the yield of the bond. (Remember that Yield is a nominal annual rate)

Reference no: EM131078108

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