2. Consider that on a particular date the following are the yields on bonds with various coupons and maturities.

Maturity Price Face Value Coupon Yield

6 months ---------- --------------- --------- 4.25%

1 year $100.00 $100.00 4.50% 4.50%

1.5 years $100.00 $100.00 4.75% 4.75%

From the above information calculate the spot rates for 1 year and 1.5 years. (Try to answer without excel if possible)