A bond investor is analyzing the following annual coupon bonds:

Issuing Company

Annual Coupon Rate

Irwin, LLC $6\%$

Johnson Corporation $12\%$

Smith Incorporated $9\%$

Each bond has $10$ years until maturity and the same level of risk. Their yield to maturity $($YTM$)$ is $9\%.$ Interest rates are assumed to remain constant over the next $10$ years.