Can you please provide the solution for this?

25) Suppose that an investor has 8-year investment horizon. The investor is

considering a 15-year semi-annual coupon bond selling at $990 (par value is

$1000) and having a coupon rate of 4%. The investor expectations are as follows:

The first 4 semi-annual coupon payments can be reinvested from the time of

receipt to the end of the investment horizon at an annual interest rate of 4%,

the first 8 semi-annual coupon payments can be reinvested from the time of

receipt to the end of the investment horizon at an annual interest rate of 4.25%,

the last 4 semi-annual coupon payments can be reinvested from the time of

receipt to the end of the investment horizon at a 3.75% annual interest rate, and

the required market interest/discount rate on 7-year bonds at the end of the

investment horizon is 3.6%.

A) What is the YTM of the bond?

B) What is the total return on bond equivalent basis from investing in the

bond?

C) Please explain your result carefully.