Using annual compounding, find the yield-to-maturity for each of the following bonds.

a. A(n) 9.75%, 18-year bond priced at $962.41.

b. A(n) 14%, 20-year bond priced at $1,612.98.

c. A(n) 6.25%, 15-year bond priced at $592.45.

Now assume that each of the above three bonds is callable as follows: Bond a is callable in 5 years at a call price of $1,197;

bond b is callable in 3 years at $1,365;

and bond c is callable in 7 years at $1,156.

Use annual compounding to find the yield-to-call for each bond.