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Disney Enterprises issued 7.55% senior debentures (bonds) on July 15, 1993, with a 100-year maturity (i.e., due on July 15, 2093). Suppose an investor purchases one of these bonds on July 15, 2003 for $1,050.
a. Determine the yield to maturity (nearest 1⁄100 of 1 percent) using the valuation formula for a bond with a finite maturity (Equation 7.5).
b. Determine the yield to maturity (nearest 1⁄100 of 1 percent) using the valuation formula for a perpetual bond (Equation 7.8).
c. Explain why the answers to parts a and b are the same.
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