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REGISTERED BOND


PURCHASE

PRICE: $11,191

TERM: 9 years

FACE VALUE: $10,000

COUPON RATE: 8% payable half-yearly 

The holder of this bond is entitled to half-yearly coupon payments plus a repayment of the face value at the maturity date.


Calculate the yield to maturity of this bond as a nominal rate per annum compounded half-yearly. You may give your answer as a percentage per annum to the nearest percent or use linear interpolation or a financial calculator to give a more accurate result.

Yield =  _____% pa

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