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An investor trading in bonds is looking for 6 % return on his purchases. He buys bonds with a few years left before maturity, holds them, and redeems them for face value when they mature. Looking

An investor trading in bonds is looking for 6 % return on his purchases. He buys bonds with a few years left before maturity, holds them, and redeems them for face value when they mature. Looking through the bond listings, he finds a bond listed with a $3,000 face value, that pays 4 % interest on its face value each year, and is priced at $2,394 . How many years (at most) must be left before maturity on this bond in order to meet the investor’s desired percent return? (Enter your answer as a number rounded to one decimal place, without the percent sign.)

Aug 21 2021 View more View Less

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