3. A broker is selling two different 4 year bonds with semi annual coupons and a face amount equal to their redemption amount of $10,000. The first bond has a 6% coupon rate and a price of $9,010.62. The second bond has an 4% coupon rate and a price of $8,351.03. Find the spot rate for 4 years (t =8) as an effective semi annual rate. F= C= 10,000

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3. A broker is selling two different 4 year bonds with semi annual coupons and a face amount equal to their redemption amount of $10,000. The first bond has a 6% coupon rate and a price of $9,010,62. The second bond has an 4% coupon rate and a price of $8,351.03. Find the spot rate for 4 years (t=8) as an effective semi annual rate. F=C=10,000