9. (a) Iggy borrows X amount for 10 years at an effective annual rate of 6%. If he pays the principal and accumulated interest in one lump sum at the end of 10 years, he would pay $ 356.54 more in interest than if he repaid the loan with 10 level payments at the end of each year. Calculate X. (10M (b) A 12 year 100 par value bond pays 7% coupons semi-annually. The bond is priced at 115.84 to yield an annual nominal rate of 6% compounded semi-annually. Calculate the redemption value of the bond. (10M