Consider the following bonds where coupon payments are annual. (20 pts) Bond Coupon rate (%) Maturity (years) YTM (%) W 0 1 5 X 5 2 5.5 Y 3 6 a) Construct the current term-structure of spot interest rates. (10 pts) b) Explain how you would synthetically replicate a zero-coupon bond with a maturity of 3 years and a par value of $100. (10 pts) Consider the following bonds where coupon payments are annual. (20 pts) Bond Coupon rate (%) Maturity (years) YTM (%) W 0 1 5 X 5 2 5.5 Y 3 6 a) Construct the current term-structure of spot interest rates. (10 pts) b) Explain how you would synthetically replicate a zero-coupon bond with a maturity of 3 years and a par value of $100. (10 pts)