A$($n$)9\mathrm{.}0\%,20-$year bond has a par value of $$1,000$ and a call price of $$1,100.($The bond's first call date is in $5$ years.$)$ Coupon payments are made semiannually $($so use semiannual compounding where appropriate$).$

a$.$ Find the current yield, YTM$,$ and YTC on this issue, given that it is currently being priced in the market at $$1,225.$ Which of these $3$ yields is the highest? Which is the lowest? Which yield would you use to value this bond? Explain.

b$.$ Repeat the $3$ calculations above, given that the bond is being priced at $$875.$ Now which yield is the highest? Which is the lowest? Which yield would you use to value this bond? Explain.

a$.$ If the bond is priced at $$1,225,$ the current yield is $7\mathrm{.}35\%.($Round to two decimal places.$)$

The annual yield$-$to$-$maturity with semiannual compounding is $\%.($Round to two decimal places.$)$