4. The current yield on bond B, which has semiannual coupons, is 7.08% and the bond was sold at par (i.e., at a price of $1,000) three years ago, when the YTM on similar bonds was 8.0%. If there are 12 years until maturity, what would be the YTM to an investor who buys the bond today? (Hint: If the bond's price was $1,000 three years ago, when the market interest rate was 8.0%, what must be the coupon rate? If you know the coupon and the current yield, you can solve for the price. Remember that to find the current yield on a bond with semiannual coupons, you must divide the yearly payment - two coupons - by the price. Now you can enter numbers in your financial calculator to find the periodic interest rate. Remember that for bonds with semiannual coupon payments, the YTM is the APR.)