7. Bond yields and prices over time Aa Aa A bond investor is analyzing the following annual coupon bonds: Annual Coupon Rate Issuing Company Irwin Enterprises Johnson Incorporated Smith Metalworks 6% 12% 9% Each bond has 10 years until maturity and has the same risk. The bonds' yield to maturity (YTM) is 9%. Interest rates are assumed to remain constant over the next 10 years. Label the curves on the following graph to indicate the path that each bond's price, or value, is expected to follow BOND VALUE I$ 1200 1100 1000 900 800 700 600 10 YEARS TO MATURITY