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What was the yield-to-maturity

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Problem - On May 3, 2014, Coinpraise, Inc., issued $350 million of twenty-year bonds. Each $1,000 bond had a 7% coupon rate with semiannual coupon payments being made on November 3rd and May 3rd and sold for $742.61 on May 3, 3014. What was the yield-to-maturity (market rate of interest) expressed as an APR (Annual Percentage Rate) on May 3, 2014?

Reference no: EM132953225

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