You are analyzing corporate bonds issued by Greshak Company for potential investment purposes. Each bond has a face value of $1,000 and currently trades for $1,110.00 in the market. The bonds carry a coupon rate of 8.00%, pay interest semiannually, and have 10 years remaining until maturity. If you were to purchase one of these bonds, what would your Yield to Maturity (YTM) be? MAKE SURE YOU USE AT LEAST 4 DECIMAL PLACES WHERE APPLICABLE. YOU MUST TYPE IN ANSWER AND ALL OF YOUR WORK TO RECEIVE CREDIT.
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