2. Justin purchases a 10-year 1000 par bond with 8% annual coupons for X to yield 7% annually. Six years later, immediately after the coupon, he sells the bond for Y when annual yields are 9%. Find Y-X. 4. Jenny takes out a 10-year loan of 100,000 at an annual effective rate of 8%. At the end of each year Jenny makes interest payments to the lender and sinking fund deposits into a sinking fund earning 6% annual effective. Jenny's first sinking fund deposit is $1000 and the remaining deposits are level. a) Find the total (net) interest paid on the loan. b) How would the total (net) interest paid on the loan change if the interest rate on the sinking fund increased? (Do not calculate just describe the impact): 6. A$1000 20-year bond makes annual coupon payments at coupon rate of 10% per year. The bond is callable at the end of years ten to fifteen for a redemption value of $1200, at the end of years sixteen to twenty for a redemption value of $980. What is the most Ben is willing to pay for the bond to guarantee a minimum yield of 6.5%