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

a. A(n) 9.5%, 20-year bond priced at $957.43.

b. A(n) 16%, 15-year bond priced at $1,684.76.

c. A(n) 5.5%, 18-year bond priced at $510.65.

Now assume that each of the above three bonds is callable as follows: Bond a is callable in 7 years at a call price of $1,095; bond b is callable in

5 years at $1,250; and bond c is callable in 3 years at $1,050. Use annual compounding to find the yield-to-call for each bond.