Manchester Inc.'s bonds currently sell for $1,250. They pay a $100 annual coupon, have a 25-year maturity, and a $1,000 par value, but they can be called in 4 years at $1,155. 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. What is the different between this bond's YTM and its YTC? a) 1.45%

b) 1.85%

c) 1.59%

d) 1.26%

e) 1.12%