An investor is considering purchasing a bond with a

5.02

percent coupon interest rate, a par value of

$1,000,

and a market price of

$685.29.

The bond will mature in nine years. Based on this information, answer the following questions:

a. What is the bond's current yield?

b. What is the bond's approximate yield to maturity?

c. What is the bond's yield to maturity using a financial calculator?

Question content area bottom

Part 1

a. The bond's current yield is

enter your response here%.

(Round to two decimal places.)