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(6 marks) A 50,000 callable bond that pays semi-annual coupons at j2 = 5% is redeemable at par on April 15, 2035 and callable at

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(6 marks) A 50,000 callable bond that pays semi-annual coupons at j2 = 5% is redeemable at par on April 15, 2035 and callable at 110 on April 15, 2025 and at 104 on April 15, 2030. The bond is purchased on April 15, 2020 at a price P to yield at least j2 = 4%. Calculate P

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