Bond Valuation and Yield Measures: Assume that you purchased a $15-$year bond with a par value of $$1,000$ that pays semi$-$annual coupons at the rate of $6\%$ at the price of $$1,077\mathrm{.}95$ when it has $10$ years remaining until maturity.

a$)$ Calculate Current Yield.

b$)$ Calculate promised Yield to Maturity $($YTM$).$

c$)$ Calculate Yield to Call $($YTC$)$ if the bond is callable in two years with a $5$ per cent premium.

d$)$ If you expect a decline in interest rates over the next two years, discuss how you will be exposed to the interest rate risk and illustrate the value of call using a graph.

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