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1 . Ozarks Managed Care Inc. issued some callable bonds 1 8 years ago with 3 0 - year life at their par value of

1. Ozarks Managed Care Inc. issued some callable bonds 18 years ago with 30-year life at their par value of $1,000. These bonds pay 12% coupon rate with annual payment. The firm just announced that these bonds are being called with $80 call premium. What is the yield-to-call of these bonds? Suppose the bond investors paid the par value at the time of issue. Please round your answer to 2 decimal places, and skip the % sign. e.g., just write 1.23 instead of 1.23%.

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