Solved: How long until the bonds may first be called, Finance Basics

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How long until the bonds may first be called

Problem:

Mattco has 9% annual coupon, $1,000 face value bonds outstanding that mature in 10 years. However, the bonds can be called before maturity at a call price of $1,050. The bonds have a yield to call of 6.5% and a yield to maturity of 7.4%. How long until these bonds may first be called?

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Finance Basics: How long until the bonds may first be called

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