correct answer is YTC=4.7%

mnual Payments current yield? 6-15 Waterman's 14% coupon rate, semiannual payment, $1,000 par value bonds that mature Yield to Call, in 22 years are callable 4 years from now at a price of $1,090. The bonds sell at a price of to Maturity, $1,410 and the yield curve is flat. Assuming that interest rates in the economy are expected Market Rates to remain at their current level, what is the best estimate of the nominal interest rate on new bonds