Cavu Air Inc., issued 15 Year bonds 2 years ago at a coupon rate of 7.30% percent. The bonds make semi annual payments. If these bonds currently sell for 103 percent of par value, what is the YTM?
Settlement date 1/1/2000
Maturity date 1/1/2013
Annual coupon rate 7.30%
Coupons per year 2
Face value (% of par) 100
Bond price (% of par) 103