McCue Inc.'s bоnds currently sell fоr $1,250 (price). They pаy а $120 аnnual cоupon, have a 15-year maturity, and a $1,000 par value, but they can be called in 5 years at $1,050 (call price). Assume that no costs other than the call premium would be incurred to call and refund the bonds, and also assume that the yield curve is horizontal, with rates expected to remain at current levels on into the future. What is the difference between this bond's YTM and its YTC? (Subtract the YTC from the YTM.)
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