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You purchase today a callable annual coupon rate bond under the following conditions: 7. Bond characteristics: Coupon rate: 7.5% Maturity of bond: 20 years Call Premium: 8% Time to call period: 4 years Current YTM: 8.5% Expected hold assumptions: Expected hold time: 4 years Reinvestment rate (average money market return): 2.1% Expected YTM (non-callable bonds) at sale: 4.0% Based upon the above items, find the Horizon Yield (HY) for this bond position. 7 Horizon Yield: 11.3% Purchase Price: $905.37 FV annuity of coupon payments: $309.58 Sale price: $1080 ( Par 1 + call premium, $1000 1.08) Ending wealth: $1389.58 HY: 11.3%