Harold Reese must choose between two bonds: b$.$ Which bond should he select based on your answers to part $a?$

Bond Z

Bond X

c$.$ A drawback of current yield is that it does not consider the total life of the bond. For example, the approximate yield to maturity on

Bond $x$ is $10\mathrm{.}92$ percent. What is the approximate yield to maturity on Bond $Z?$ The exact yield to maturity? $($ Do not round

intermediate calculations. Input your answers as a percent rounded to $2$ decimal places.$)$

Answer is not complete.

Bond $x$ pays $$85$ annual interest and has a market value of $$830.$ It has $13$ years to maturity.

Bond $Z$ pays $$91$ annual interest and has a market value of $$790.$ It has six years to maturity.

Assume the par value of the bonds is $$1,000.$

a$.$ Compute the current yield on both bonds. $($Do not round intermediate calculations. Input your answers as a percent rounded to $2$

decimal places.$)$

Answer is complete and correct.