Hacker software has 94 percent coupon bonds on the market


Hacker Software has 9.4 percent coupon bonds on the market with 19 years to maturity. The bonds make semiannual payments and currently sell for 107.5 percent of par. The current yield is 8.744% and the YTM is 8.59%.

a. What is the effective annual yield? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Effective annual yield =

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Financial Management: Hacker software has 94 percent coupon bonds on the market
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