Using annual compounding, find the yield to maturity for each of the following bonds.
a. A 9.75%, 18-year bond priced at $962.41
b. A 14%, 20-year bond priced at $1,612.98
c. A 6.25%, 15-year bond priced at $592.45
Now assume that each of the previous bonds is callable as follows: Bond a is callable in five years at a call price of $1,1,197; bond b is callable in three years at $1,365; and bond c is callable in seven years at $1,156. Use annual compounding to find the yield to call for each bond.