Btr co. has 9% annual coupon bonds that are callable and have 18 years left until maturity. the bonds have a par value of $1000.00, and their current market price is $1130.35. however, btr co. may call the bonds in eight years at a call price of $1060.00.

a. what are the yield to maturity ytm and yield to call tyc on btr co.’s bond’s?

b. if interest rates are expected to remain constant, what is the best estimate of the remaining life left for btr co.’s bonds?

c. if btr co. issued new bonds today, what coupon rate must the bonds have to be issued at par?

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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