a. What price would you pay for a $255m face value bond on 13 February 2020 which matures on 12 June 2023 that has a coupon of 2.5% and is trading at a yield to maturity of 1.92%?

b. What price would you pay for a 11 May 2021 bond on 27 April 2020 when the bond has a face value of $12.35m, a coupon of 2.20% and is trading at a yield to maturity of 1.87%?

c. How much profit or loss would you make if you sold this bond on 27 June 2020 at a yield to maturity of 2.03? What is your return? What is your annualised return? Compared with long term returns from fixed income, was this a good return? Explain why?