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A 9% coupon, $1,000 par value callable bond is selling for $1,105.16. Its yield to maturity is 7.47%, and its yield to call is 7.91%.

A 9% coupon, $1,000 par value callable bond is selling for $1,105.16. Its yield to maturity is 7.47%, and its yield to call is 7.91%. Would an investor be more likely to earn the yield to maturity or yield to call? Explain why for any credit on this problem.

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