BCC has issued 8 percent debentures that will mature on July 15, 2034. Assume that interest is paid and compounded annually. If an investor purchased a $1,000 denomination bond for $1,025 on July 15, 2014, determine the bonds yield-to- maturity. Explain why an investor would be willing to pay $1,025 for a bond that is going to be worth only $1,000 at maturity.