Mr. Chu has identified the following bond (Bond B) for investment:
A $1 million par, 12% semi-annual coupon bond (interest will be paid on January 1 and July 1 each year), which was issued on Jul 1, 2011 and will mature on January 1, 2028.
If Mr. Chu purchased Bond B on a coupon payment day when the bond was priced to have an effective yield to maturity of 14.49% p.a. Find the remaining life of Bond B if its market value was $889,387.595 on date of purchase.