Assume that a portfolio manager purchases $10,000,000 of a 10-year bond with a coupon of 2.5% paid semi-annually. The first coupon payment is 6 months from the settlement date. How much will the portfolio manager have if the bond is held to maturity and coupon payments can be reinvested at 1.50% per annum, compounded semi-annually? If the purchase price is 99.5, what is the total rate of return? (b) Assume that the portfolio manager sells the bond in (a) in 2 years at a price providing a yield to maturity of 1.75% per annum, compounded semi-annually. What is the sale price? What is the total rate of return on the investment?