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7-10 CURRENT YIELD, CAPITAL GAINS YIELD, AND YIELD TO MATURITY Hooper Printing Inc. has bonds outstanding with 9 years left to maturity. The bonds have an 8% annual coupon rate and were issued 1 year ago at their par value of $1,000. However, due to changes in interest rates, the bond's market price has fallen to $901.40. The capital gains yield last year was -9.86%. What is the yield to maturity? b. For the coming year, what are the expected current and capital gains yields? (Hint: Refer to footnote 7 for the definition of the current yield and to Table 7.1.) Will the actual realized yields be equal to the expected yields if interest rates change? If not, how will they differ? a. 7-14 EXPECTED INTEREST RATE Lloyd Corporation's 14% couponrate, semiannual payment, $1,000 par value bonds, which mature in 30 years, are callable 5 years from today at $1,050. They sell at a price of $1,353,54, and the yield curve is flat. Assume that interest rates are expected to remain at their current level. What is the best estimate of these bonds' remaining life? b. If Lloyd plans to raise additional capital and wants to use debt financing, what coupon rate would it have to set in order to issue new bonds at par? a