Q$1$

"Company A has just issued a callable $($at par$)9$ year, $12\%$ coupon bond with annual coupon payments. The bond can be called at par in one year or anytime thereafter on a coupon payment date. It has a price of $$104$ per $$100$ face value. What is the bond's yield to call? Express your answers in strictly numerical terms. For example, if the answer is $5\%,$ write $0\mathrm{.}05."$