Do the Math $14-6$

Yield, Price, and YTM

A corporate bond maturing in $15$ years with a coupon rate of $9\mathrm{.}9$ percent was purchased for $$990$ and it now selling for $$1,020.$

a$.$ What is its current yield? Round your answer to one decimal place.

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b$.$ What will be its selling price in two years if comparable market interest rates drop $1\mathrm{.}9$ percentage points? $($Hint: Use Appendix A$-2$ and Appendix A$-4$ or the Garman$/$Forgue companion website.$)$ Round Present Value of a Single Amount and Present Value of Series of Equal Amounts in intermediate calculations to four decimal places. Round your answer to the nearest cent.

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c$.$ Calculate the bond's YTM using Equation $14\mathrm{.}5$ or the Garman$/$Forgue companion website. Round your answer to two decimal places.

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