Assume that an investor is looking at two bonds: Bond A is a 20-year, 11% (semiannual pay) bond that is priced to yield 11.5%. Bond B is a 20-year, 10% (annual pay) bond that is priced to yield 9.5%. Both bonds carry 4-year call deferments and call prices (in 4 years) of $1,080.

a. Which bond has the higher current yield?

b. Which bond has the higher YTM?

c. Which bond has the higher YTC?