A $100 10-year bond makes annual coupon payments at coupon rate of x% per year. The bond is callable in 8 years for $110, in 9 years for $105 and in 10 years for $100. (a) Calculate the maximum yield that an investor can earn if the investor is willing to pay $(100 + x) for the bond today. (b) Calculate the maximum price that an investor can pay and still be assured of earning an annual effective yield rate of at least (2 + x)%.