The Yield to Maturity Is Determined by a Trial-And-Error Process

The yield to maturity is determined by a trial-and-error process. The first step in this trial and error process is ________.

A) Compute the present value of each cash flow using the best guess interest rate.
B) Total the present value of the cash flows using the best guess interest rate.
C) Select an interest rate.
D) Compare the total present value using the best guess interest rate with the market price of the bond.

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