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Arco Industries has a bond outstanding with 15 years to maturity, an 8.25% nominal coupon, semiannual payments, and a $1.000 par value. The bond has

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Arco Industries has a bond outstanding with 15 years to maturity, an 8.25% nominal coupon, semiannual payments, and a $1.000 par value. The bond has a 7.50% yield to maturity, but it can be called in 6 years at a price of $1.045. What is the bond's yield to call? Hint: Calculate the bond's price based on the YTM, and then use that price to find the YTC

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