Consider a firm with zero-coupon bonds that mature in 6 months and combined face value of $90,000. The market value of the firm's assets is $95,000 and the standard deviation of returns of the assets is 25%. The risk-free rate is continuously compounded 6%. What is the YTM on the bonds (semi-annually compounded)?"
8.23%
11.53%
14.69%
10.22%
14.19%
