Stone Sour Corp issued 20 year bonds two years ago at a coupon rate of 7.1 percent. The bonds make seminannual payments. If these bonds currently sell for 105 percent of par value, what is the YTM?
Settlement Date 1/1/2000
Maturity Date 1/1/2018
Annual coupon rate 7.10%
Coupons per year: 2
Face value (% of par) 100
Bond Price (% of par) 105