Please answer clearly and show calculation steps if needed.

Question 1 {20 marks) The table below shows the items ochel Telecoms Ltd bonds. Both bonds were issued 10 years ago. oating Rate Note 7% Fixed Rate Note Issue size $200 million $200 million Original Jrnalzlrrit}.r 30 years 20 years Current price 99 95 Current Coupon 6% {rate resets yearly] 7% Cali Protection 1"I 10 years l"l 10 Call Price 103- 105 Yield to maturityr - 8% Price range since issue $97 to $102 $38 to 3111) {b} Explain why the mice of the oating rate note is seldom the par value