b$)$ Central Trading issued a $10-$year bond with a call feature. The semi$-$annual bonds have a face value of $$1,000$ and a coupon rate of $9\%.$ The price of the bonds is $$1,140.$ The bonds are callable in five $(5)$ years at a call price of $$1,080.$ What is their yield to call?

c$)$ What is the call feature of a bond? Who gains and who loses when a bond is called?

$(3$ Marks$)$

d$)$ Using bonds as a capital market tool for injecting capital into corporations is not as widely used as equity. Explain three pros and three cons associated with the use of bonds.

$(6$ Marks$)$