Consider the case of Badger Corp.:

Badger Corp. has 9% annual coupon bonds that are callable and have 18 years left until maturity. The bonds have a par value of $1,000, and their current market price is $950.35. However, Badger Corp. may call the bonds in eight years at a call price of $1,060. What are the YTM and the yield to call (YTC) on Badger Corp.s bonds?

	Value
YTM	6.47%
YTC	6.47%

If interest rates are expected to remain constant, what is the best estimate of the remaining life left for Badger Corp.s bonds?

10 years

18 years

8 years

5 years

If Badger Corp. issued new bonds today, what coupon rate must the bonds have to be issued at par?