(Bond valuation)The 9-year $1 comma 000 par bonds of Vail Inc. pay 14 percent interest. The market's required yield to maturity on a comparable-risk bond is 18

percent. The current market price for the bond is $ 870

.

a.Determine the yield to maturity.

b.What is the value of the bonds to you given the yield to maturity on a comparable-risk bond?

c.Should you purchase the bond at the current market price?