John is also considering investing in some other corporate bonds. He picked the following bonds for consideration: Bond WW Inc, senior secured noncallable bond with credit rating A XX Inc, senior secured noncallable bond with credit rating A ZZ Inc. junior unsecured callable bond with credit rating BBB Coupon 3% Maturity 8 years 4 years 8 years 5% 5% (a) Comparing bond WW and XX, which one will have higher price volatility or interest rate risk? Explain. (No calculation is required.) (4 marks) (b) Comparing bond XX and Zz, which one will have higher yield to maturity? Explain. (No calculation is required.) 1 (4 marks)