3. Assume the following information for a given corporate step-up bond:Par = $1000Maturity = 12 yearsCurrent price = $1,122.50Assigned interest rates: Years 1-8: 4.80% Years 9-12: 5.30%If this bond pays semi-annual coupon payments, what is the current YTM (Yieldto-Maturityor Internal Rate of Return) for this bond?

4. Assume the following information for a given municipal step-up bond:Par = $5000Maturity = 23 yearsCurrent price = $4,274.20Assigned interest rates: Years 1-4: 1.18% Years 5-11: 2.03% Years 12-19: 2.14% Years 20-23: 2.27%If this bond pays annual coupon payments, what is the current YTM (Yield-toMaturityor Internal Rate of Return) for this bond?

Please help me solve these without using excel.