I was working through Chapter 14 of the notes today and had a crack at Q14.11. Although I correctly set up the model to solve for the GRY, it took an eternity for me to get to one of the answers via trial and error. At least for this particular question, could someone give me some tips on how to get to the answer quicker (i.e. ways of narrowing the number of trial and error attempts before getting to the right answer)? Any help is much appreciated!
You are discounting it using spot rates of 6% and 7% hence the GRY (average rate) will be between 6% and 7%
