4. During the survey stage, a majority of the firm's clients had no idea about yield to maturity. Using the example of the bonds listed in Table 1, explain what this term means and how one can go 
about calculating it.
"With about 75% of our clients being in the 55+ age group, Jill, you should have no problem in signing these folks up for these workshops, and convincing them about the stability and earnings potential associated with corporate bond investing," stressed John, as he browsed through the spreadsheet containing the contact information of the firm's wealthiest investors. "You would, however, have to indoctrinate them about the various terms and features associated with these bonds, such as yield to maturity, call provisions, convertibility, duration, convexity, and the like," he added. "With the $55-million utility bond deal hanging in the balance, any help we can give our best clients in understanding the relative investment merits of this deal will surely go a long way in generating a ton of fixed-income business for the firm, don't you think?" queried John. "You bet!" replied Jill, as she contemplated John's statements, "I'll get right to work on these workshops, John. You and I both know that these corporate bond investments are more complex than you think!" Jill immediately started preparing for the fixed-income investing workshops by surveying a sample of the firm's best clients regarding their grasp of key bond terms, features, and characteristics. She was surprised to learn how little these successful clients knew about the technical aspects of fixed-income investing, and how eager, motivated, and interested they were to know more about the opportunities offered by bond investing. Jill knew that she would have a good turnout at the seminar. She referred back to her investment analysis textbook to dig out some definitions and examples that she could use in her PowerPoint presentation. She downloaded current data for outstanding bonds of various maturities, ratings, and coupon rates (see Table 1) and started preparing her slides
