Sure Tea Company has issued 9% annual coupon bonds that are now selling at a yield to maturity of 10%. If the bond price is $923.94, what is the remaining maturity of these bonds?
Note: Do not round intermediate calculations. Round your answer to the nearest whole number. AND SOLVE WITH EXCEL! Thank you!

The remaining maturity of these bonds of Sure Tea company is 15 years.

Now, According to the question:

Annual coupon bonds = 9%

Yield maturity = 10% = 0.10

Bond price = $923.94

923.94 = [tex]90[/tex] × [tex][\frac{1}{0.10} - \frac{1}{(0.10)(1.10)^t} ]+\frac{1000}{(1.10)^t}[/tex]

When solving we get the :

t = 15 years .

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