Related to Checkpoint $9\mathrm{.}2$ and Checkpoint $9\mathrm{.}3)($Bond valuation$)$ The $8-$year $$1,000$ par bonds of Vail Inc. pay $12$ percent interest. The market's required yield to maturity on comparable$-$risk bond is $14$ percent. The current market price for the bond is $$860.$

a$.$ Determine the yield to maturity.

b$.$ What is the value of the bonds to you given the yield to maturity on a comparable$-$risk bond?

c$.$ Should you purchase the bond at the current market price?