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John is also considering investing in some other corporate bonds. He picked the following bonds for consideration:

Bond Coupon Maturity WW Inc. senior secured noncallable bond with credit rating A 3% 8 years XX Inc. senior secured noncallable bond with credit rating A 5% 4 years ZZ Inc. junior unsecured callable bond with credit rating BBB 5% 8 years

a)Comparing bond WW and XX, which one will have higher price volatility or interest rate risk? Explain. (No calculation is required.)

b Comparing bond XX and ZZ, which one will have higher yield to maturity? Explain. (No calculation is required.)

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