Lucchese Capital, LLPs bonds currently sell for $985. They pay a 9% semiannual coupon, have 15-years to maturity, and a $1,000 par value, but they can be called in 8 years at $1,100. Assume that no costs other than the call premium would be incurred to call and refund the bonds, and also assume that the yield curve is horizontal, with rates expected to remain at current levels on into the future. a. What are the bond's yield to maturity (YTM) and yield to call (YTC)? b. Which return, the YTM or the YTC, should an investor expect to earn on this bond?

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