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2) Spectrum Sciences, Inc. has the following two bonds outstanding that they issued 5 years ago at par value (price was $1000 at the time

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2) Spectrum Sciences, Inc. has the following two bonds outstanding that they issued 5 years ago at par value (price was $1000 at the time of issue): Bond 1: $1000 par value bond with 15 years maturity at the time of issue, and paying a coupon rate of 3.6% compounded semiannually. Bond 2: $1000 par value zero-coupon bond with 9 years maturity at the time of issue. a) Suppose Sonja currently holds both bonds in her portfolio, but she has to sell (liquidate) one of these bonds today because she needs the cash. What is the most likely price Sonja will be able to receive for each bond today, if the required rate of return on the bonds is a nominal 4.8% today? b) If Sonja bought the Spectrum Bond I when it was issued 5 years ago at par value, and she sells the bond today at $900, what yield does she earn from the Spectrum Bond 1

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