Runner Automobiles Limited’ bonds currently sell for $1,150, have an 11% coupon interest rate and a $1,000 par value, pay interest in every six months, and have 18 years to maturity

Finance May 16, 2022

Runner Automobiles Limited’ bonds currently sell for $1,150, have an 11% coupon interest rate and a $1,000 par value, pay interest in every six months, and have 18 years to maturity. Calculate the bonds’ yield to maturity (YTM). Interpret your answer.