Harold Reese must choose between two bonds: Bond X pays $72 annual interest and has a market value of $925. It has 10 years to maturity. Bond Z pays $62 annual interest and has a market value of $910. It has seven years to maturity. Assume the par value of the bonds is $1,000. c. A drawback of current yield is that it does not consider the total life of the bond. For example, the approximate yield to maturity on Bond X is 8.32 percent. What is the approximate yield to maturity on Bond Z? The exact yield to maturity? (Use the approximation formula to compute the approximate yield to maturity and use a calculator or Excel to compute the exact yield to maturity. Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.) % Approximate yield to maturity Exact yield to maturity %