Question: BM has just issued a callable ( at par ) 5 year, 9 % coupon bond with quarterly coupon payments. The bond can be called

BM has just issued a callable (at par)5 year, 9% coupon bond with quarterly coupon payments. The bond can be called at par in two years or anytime thereafter on a coupon payment date. It has a price of $102 per $100 face value, implying a yield to maturity of 8.78%. What is the bond's yield to call?

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