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Consider the following information on a callable bond: Annual coupon payments (C)= $120, Face value of bond (F) = $1000, Maturity date = 14 years,

Consider the following information on a callable bond:

Annual coupon payments (C)= $120, Face value of bond (F) = $1000, Maturity date = 14 years, Current price of bond (P_m) = $1200, Number of years to first call (Nc) = 8, Call price (P_c) = $1100. What is the yield to call (YTC) of this bond?

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