The company has bonds (coupon bonds) registered on the market that have twelve years left of their lifetime (years to maturity) which bear 8.6% annual interest. Interest is calculated and paid semi-annually and the value of each bond with a nominal value of 100 is today 103. a) What is the current annual yield of the bonds? b) What is the annual yield of the bonds (yield to maturity)? c) What is the bond's effective annual yield