1a.Suppose the current, zero-coupon, yield curve for risk-free bonds is as follows:

Maturity (years)	1	2	3	4	5
Yield to Maturity	4.21%	4.54%	4.78%	4.95%	5.30%

a. What is the price per $100 face value of a 3-year, zero-coupon, risk-free bond? (Round to the nearest cent.) b. What is the price per $100 face value of a 4-year, zero-coupon, risk-free bond?c. What is the risk-free interest rate for a 1-yearmaturity?

1b.The following table summarizes yields to maturity on several 1-year, zero-coupon securities:

Security	Yield
Treasury	2.870%
AAA corporate	3.638%
BBB corporate	4.105%
B corporate	5.061%

a. What is the price (expressed as a percentage of the face value) of a 1-year, zero-coupon corporate bond with a AAA-rating and a face value of $1,000? b. What is the credit spread on AAA-rated corporate bonds?(Round to three decimal places.) c. What is the credit spread on B-rated corporate bonds? d.How does the credit spread change with the bond rating? Why?

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