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XYZ has an outstanding callable bond currently priced at $1099.38. The bond is sold in $1000 par units with 15 years left until maturity. It

XYZ has an outstanding callable bond currently priced at $1099.38. The bond is sold in $1000 par units with 15 years left until maturity. It pays a 7% coupon, with semi-annual payments, and contractually offers a call price of $1070 if the company chooses to call the issue at the first call date occurring in 5 years. Calculate the yield to call on this bond.

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