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2. [14 points total] A straight bond has a face value of $1,000, pays 8% annual coupons, and has 10 years to maturity. The bond currently sells for $1,060. (a) [6 points] What is the yield-to-maturity of the bond? (b) [4 points] Suppose that another bond is identical to the straight bond except that it is convertible. What can you conclude about the yield-to-maturity on that bond? (For example, could you conclude that the yield must be above some specific rate?) BRIEFLY explain. (c) [4 points] Suppose that another bond is identical to the straight bond except that it is callable. What can you conclude about the yield-tomaturity on that bond?
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