An investment advisor is advising a wealthy client of the company. The client would like to invest USD 500,000 in a bond rated at least AA. The advisor is considering bonds issued by Company X, Company Y, and Company Z, and wants to choose a bond that satisfies the client’s rating requirement, but also has the highest yield to maturity. The advisor has gathered the following information:
 

	X	Y	Z
Bond Rating	AA+	A+	AAA
Semiannual Coupon	1.75%	1.78%	1.69%
Term to Maturity in years	5	5	5
Price (USD)	975	973	989
Par value (USD)	1000	1000	1000

 
Which bond should the investment advisor purchase for the client?
a. Y bond
b. X bond
c. Z bond
d. Either the Z bond or the Y bond


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