not sure how to make them tried to find some examples but didnt find any

3. (15 points) During recessions investors often move resources to safer assets in a "flight to safety", the result is fluctuating spreads, Consider the below bond prices for bonds of different levels of risk. Each has semi-annual coupon payments of $2.50 and 10 years to maturity. Risk Rating: Price without recession: Price during recession: AAA $117.17 $115.30 BBB $108.18 $103.99 US T-Note $122.99 S1212 a. Calculate annual yields for each bond in each period. b. What are the annual) yield spreads between these assets and the T-Note in each period? 4. (15 points) Simpson Pharmaceuticals, a small drug company, is considering developing a vaccine that will protect against a form of bacteria that is the cause of a number of diseases of the stomach. Before the development of the vaccine, earnings were $1.10 per share, expected to grow at 5%, and the payout ratio is 75%. Under the development plan, earnings are expected to grow by 40% per year for the next three years and all earnings will be retained and reinvested. After this time, it is expected that growth will drop to 5% and stay there for the expected future. At that time, Simpson will pay dividends that are 75% of its earnings. If its equity cost of capital is 12% in either case, what is the value of a share of Simpson Pharmaceuticals with and without the development of the vaccine