Do not use excel. Show all working formulas and variables

2. Find the purchase price at 30 June 2015 of a $25,000 nominal bond redeemable at par on 31 December 2020 with a yield of 6.5% p.a. effective (i.e. net or gross); under the following conditions: a) You are not subject to any tax. b) You are subject to tax on income only of 42.5%. c) You are subject to tax on income of 42.5% and capital gains of 33%. Coupons are paid half-yearly at 9% p... [2 marks]