Bree agreed to purchase $10m of 5% 21st November 2025 Commonwealth Government Bonds at a yield of 4.25% pa on 1^st September 2021.

a) Using Excel, what would have Bree paid for the bonds on the 1^st of September 2021? Show workings. (4 marks)

b) If Bree held the bonds until 21^st November 2022 what was her holding period yield if the yield was 4.75%pa on the day she sold the bond? Assuming a reinvestment rate of 2.15%pa. Show workings. (10 marks)

Please use the one excel document to answer both parts of the question.