Problem:
Adams Enterprises' non-callable bonds currently sell for $1,030. They have a 15-year maturity, an annual coupon of $85, and a par value of $1,000.
Required:
Question: What is their yield to maturity?
- 9.53%
- 8.15%
- 8.88%
- 8.55%
- 7.41%
Note: Please provide equation and explain comprehensively and give step by step solution.