Assume a $$100$ million AUM credit strategy fund manager enters into the following trades atthe beginning and end of the year. Bought a Zero$-$Coupon Convertible Bond with a FACEvalue of $$400$ million and a price of $60$ has with $4$ years to maturity, share price of $$25,$ $$0\mathrm{.}10$annual dividend, a borrow fee of $1\%,$ a conversion ratio of $25$:$1$ and a delta value of $\mathrm{.}60.$Current bond price is $78$ and share price is $$28.$ Margin required is $10\%$ of the market valueof the convertible bond. No margin on the short sale. a$.$ What is the market value of the bonds purchased and what is the market value ofthe shares sold short? $$240$ million and $$150$ million. b$.$ What is the margin required on this trade? $$24$ million. c$.$ What is the fund return, excluding all financing income and expense, as a percentageof AUM? $54\%$ E$.$ What is the fund return, including all financing income and expenses, as apercentage of AUM? Assume a margin account and net cash is paid or received atthe debit or credit rates similar to L$/$S equity. $52\mathrm{.}20\%$ The answers are at the end of the question. Please show the work on how to get them