7. A straight (a.k.a, bullet or vanilla) bond with a market price of$98.50, pays a10%coupon, has a 10 -year maturity(6/30/2033), a par value of$1,000, and pays semiannual coupon payments. Assume a settiement date of7/31/2023.

a. Calculate the Yicld to Maturity. Round to the nearest month. To clarify, the YTM must be calculated to the nearest month, not year).

b. Is this bond most likely an investment grade bond or junk bond? Defend your answer.