Problem:
Maria Inc. has a $1,000 par value bond that is currently selling for $1,267.53. It has an annual coupon rate of 9.35%, paid semi annually, and has 18 years remaining until maturity.
Requirement:
Question: What is the annual yield to maturity on the bond if you purchased the bond today and hold it until maturity?
Note: Solve the problem and show all work.