a basic schweser bond question... question, payments, studying

cyber21

A firm has $3 million in outstanding 10year bonds, with a fixed rate of 8 percent (assume annual payments). The bonds trade at a price of $92 per $100 par in the open market. The firm’s marginal tax rate is 35 percent. What is the aftertax component cost of debt to be used in the weighted average cost of capital (WACC) calculations?
Here is the answer:
If the bonds are trading at $92 per $100 par, the required yield is 9.26 percent, and the market value of the issue is $2.76 million.
The equivalent aftertax cost of this financing is: 9.26% (1 – 0.35) = 6.02%.
My questions is…where do you get that required yield of 9.26%?
I know it’s basic…exam is in 2 days and i am losing it
Thanks!

AnalystForum

N=10
PV=92
FV=100
PMT=8
CPT>I/Y = 9.26

kkn006

i am a little confused…so you use the PV= 92
But if you look at this one:
An investor purchases a $1,000 par value accrual bond with a 3year maturity. The bond pays 5% interest compounded semiannually at the bonds maturity. Calculate the amount that will be received on maturity.
The answer is 1[2nd][N], 6[N], 2.5[I/Y], 25[PMT], 0[PV], [CPT][FV] = 159.69
So PV is set as 0 here…I don’t know what’s the difference? I thought the investor put down money today in both situations?
Thanks