A corporate bond with a coupon rate of 11% is maturing in 16 years. The bond has]a call provision of "after 12 at 120" (i.e. with 12 years of call protection and 20% call premium). If you buy the bond at a market price of $515.62, what would be the yield if you expect the bond will be called?

• 21.51%
• 23.64%
• 11.82%

22.22%

24.11%