#3 The following bonds all have five years of call protection. What is the maximum

interest rate that will make calling the bonds profitable to the issuer at the end of call

protection?

Bond Maturity Coupon Rate Strike Price

A 10 years 8% $105

B 10 years 8% $103

C 15 years 10% $105

D 20 years 12% $105

E 30 years 6% $105