The Willow Company bond currently sells for $978.23, has a 7% coupon interest rate and a $1,000 par value, pays interest semiannually, and has 15 years to maturity.
What is the yield of maturity (YTM) on this bond? Note: Do not use the approximation, instead use the Excel function for rate to solve the for the exact number. Be sure to adjust for the semiannual coupons.?????????????????????????? Show all work.