An annual-paying step-up 5-year bond is priced at $ 97.65. Is it over, under, or fairly valued given the below term structure and characteristics (show your work): Year 1 2 3 4 5 Term Structure 0.23% 0.57% 1.25% 2.07% 2.33% Coupon 0.5% 0.75% 1% 1.25% 1.5%