Consider three 20 year bonds, all with a face value of $1000: a) Bond #1 has a coupon rate of 9% and sells for $1100. b) Bond #2 has a coupon rate of...

Consider three 20 year bonds, all with a face value of $1000:

      a) Bond #1 has a coupon rate of 9% and sells for $1100.

           b) Bond #2 has a coupon rate of 8% and sells for $1100.

           c) Bond #3 has a coupon rate of 9% and sells for $1050.

           Which bond has the highest yield to maturity? Defend your answer. (2 points)