In how many years should the new bond mature

Reference no: EM13289387

A 6% $1,000 par-value bond maturing in eight years and having semiannual coupons is to be replaced by a 5.5% $1,000 par bond, also with semiannual coupons. Both bonds are bought to yield % nominal interest convertible semiannually. In how many years should the new bond mature?

Reference no: EM13289387

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