Harold Reese must choose between two bonds. Bond X pays $62 annual interest and has a market value of $915. It has 14 years to maturity. Bond Y pays $52 annual interest and has a market value of $900. It has six years to maturity.

Assume the par value of bonds is $1,000

a. Compute the current yield on both bonds. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.

b. What bond should he select based on answers to part a?

c.A drawback of current yield is that it does not consider the total life of the bond. For example, the yield to maturity on Bond X is 7.17 percent. What is the approximate yield to maturity and exact yield to maturity on Bond Y?

d. Has your answer changed between parts b and c in terms of which bond to select?