Apple Inc. bonds are trading today for $937.50. The
bond currently has 14 years until maturity and has a yield of maturity of 8.27%.
The bond pays annual coupons and the next coupon is due in 1 year. What is the
coupon rate of the bond?
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PV = 1000x*sum of (1/1.0827^i, i from 1 to 14) +1000/1.0827^14
x = 608.73/8116.5
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