The five 10-year semi-annual coupon bonds listed below are of comparable risk and have the same call provision: 5 years of call protection (NC-5), after which bonds are callable at 105% of par in the 6th year and declining ratably thereafter (103.75, 102.5, 101.25 and par in years 7, 8, 9, and 10, respectively). Which of these bonds appears to face the highest call risk?

• A bond priced at 90 with 2 years to maturity
• A bond priced at 90 with 8 years to maturity
• A bond priced at 105 with 4 years to maturity
• A bond priced at 115 with 2 years to maturity
• A bond priced at 120 with 2 years to maturity