An investor is considering purchasing a bond with a 4.59 percent coupon interest rate, a par value of $1,000, and a market price of $918.93. The bond will mature in nine years. Based on this information, answer the following questions:
a. What is the bond’s current yield?
b. What is the bond’s approximate yield to maturity?
c. What is the bond’s yield to maturity using a financial calculator?
Note: Assume coupon payments are paid annually