Bigbox, Inc. has bonds outstanding that will mature in eight years. These bonds

QUESTION:

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Bigbox, Inc. has bonds outstanding that will mature in eight years. These bonds pay interest semiannually and have a coupon rate of 4.6 percent. If the bonds are currently selling at $888.92, what is the yield to maturity that an investor who buys them today can expect to earn? What is the effective annual yield? (LO 3)

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