8. In 2012 Ontario Canada offered a 5-year step-up Ontario Savings Bond (OSB) with an interest rate of 1.25 per cent in the first year, 1.50 per cent in the second year, 1.75 per cent in the third year, 2.00 per cent in the fourth year and 2.25 per cent in the final year. Use your knowledge of annuity formation using perpetuities, and the use of zero-coupon bonds to model principal amounts, to derive a closed-form solution for the price of this bond when it was issued in 2012. Assume semiannual compounding