One More Time Software has 10.2 percent coupon rate (APR) bonds on the market with 6 years to maturity. The bonds make semiannual payments and currently sell for 101.6 percent of par.
Required:
(a) What is the current yield on the bonds?
(b) What is the YTM as an APR?
(c) What is the YTM as an effective annual rate (EAR)? Note: use the ICONV to convert an APR into an EAR.