Please answer clearly and show calculation steps if needed.

Question 1 [20 marks) The table below shows the terms of'Xcel Telecoms Ltd bonds. Both bonds were issued 10 years ago. Floating Rate Note 7% Fixed Rate Note Issue size $200 million $200 million Original maturity 30 years 20 years Current price 99 95 Current Coupon 6% {rate resets yearly] 7% Call Protection 1""t 10 years 15' 10 Call Price 103 105 Yield to maturity - 8% Price range since issue $9? to $102 $08 to $110 {3) Discuss Whyr the price range of the oating rate note is narrower than the price range of the xed rate