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A bond with a nominal value of $ 1,000, bearing a coupon rate of 8% payable semi-annually and maturing in 10 years is currently listed on the market at 108,775. Smeagol, who buys it today, sells it three years later to Bilbo as the market rate of return to maturity has increased by 200 basis points. Bilbon holds the bond for 18 months and sells it to Pippin with the yield to maturity at 7%. The latter keeps it until maturity . a) Calculate the gross return achieved for the holding period by: i. Smeagol ii .; li.Bilbon; iii. iii. Pippin. b) Calculate the net return realized by each of these investors if: i. If Smeagol's tax rate is 35%; ii. If Bilbo's tax rate is 38%; ili. If Pippin's tax rate is 43%