Can somebody check my answer please? Can somebody check my answer please? Just need to plug it into financial calculator.

Can somebody check my answer please? Just need to plug it into financial calculator.

a) The 3,000 company bonds (FV = 1000) that are still outstanding were issued several years ago and the coupon rate was set at 8% = $40 payment every six months, which was a competitive rate at the time. Since then interest rates have dropped and the bond price has risen to $1070.20. These bonds mature in four years exactly. What is the yield of these bonds? (Note: You will need access to a spreadsheet or financial calculator for solution)

So I’ve calculated a few different answers (5.975%, 4.299%, 2.149%) but this is the answer I think is correct using my financial calculator but I don’t know…

N = 4

PV = -1070.20

PMT = 40

FV = 1000

Answer: I/YR = 2.1497 %

What’s tripping me up is the semiannual part. Thanks in advance.

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