If, in today's respective markets for one-month, three-month and six-month mortgage coupon payments, trading determines a market price of ninety-nine and one-half ($99.50) dollars per one hundred dollars of coupon payment receivable in one month, ninety-eight and one-fourth ($98.25) dollars today per one hundred dollars ($100.00) of coupon payment receivable in three months, and ninety-seven and one-fourth (397.25) dollars per one hundred dollars ($100.00) of coupon payment receivable in six months. a. Calculate the respective net and gross values of the current market rates of interest and discount on these one- , three- and six-month coupon payments.

b. Using English only (no calculations or figures), state the definitions of the respective market values of the interest rate and the discount rate, in the case of the six-month coupon.

c. Using English only (no calculations or figures), state, for this same six-month coupon, which respective cash flow is being valued and which is being used to measure this value (ie, the unit of measure) in the calculation of its market interest rate.

Answer b and c as concisely as possible.

d. 1)o the same as in part c of this problem for the market discount rate determined by this same six-month coupon.