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Group Exercise - Chapter 7 (Due Date: 11:59 PM, November 8, Friday) Note: Each group turns in one copy of group exercise on Canvas. Please write down your group's name and the names of the group members who participate in the exercise on your turned-in assignment. You are required to use the Excel Spreadsheet to do quantitative analysis and write a memo in Word. Please convert your Word file to PDF file when you turn in your assignment on Canvas. Mini-case: On January 1, 2018, Jennifer Baker started to work as an intem in the fixed-income department of the Traveler Mutual Funds. Her supervisor, Linda Brown, assigned her to analyze interest rate risk associated with investment in bonds issued by DTE Energy. Ms. Brown provided Jennifer with the information about four bonds issued by DTE Energy. The four bonds are named as A, B, C. and D. Bond A Bond B Bond C Price on January 1, 2018 122.50 124. 50 1 01. 50 Annual coupon rate 5.6% 5.6% 1.625% Maturity date 12/31/2041112/31/2037 12/31/2019 Par value $1,000 $1,000 $1,000 Coupon payment frequency Semiannual Semiannual Semiannual Rating JAA TAA Bond D 1 06 5.4% 12/31/2019 $1,000 Semiannual Then, Ms. Brown assigned Jennifer to do the following research jobs based on the information: 1) Calculate the yield to maturity for the four bonds on January 1, 2018, respectively. 2) Based on the macroeconomic data released by the National Bureau of Economic Research, Ms. Brown expected that inflation rate will increase by 1%. Hence, she expected that yield to maturity for the four bonds will increase by 1% too. She asked Jennifer to calculate prices of the four bonds if the yield to maturity increases by 1%, respectively. 3) List the bond prices of the four bonds on January 1, 2018 and the bond prices of the four bonds calculated in 2) when the yield to maturity increases by 1% in a table. Jennifer next calculated the percentage price change of the four bonds. 4) Since Bond A and Bond B have the same coupon rates, Ms. Brown asked Jennifer to compare which bond price will drop more when the yield to maturity increases by 1%? Since Bond C and Bond D have the same maturity date, Ms. Brown asked Jennifer to compare which bond price will drop more when the yield to maturity increases by 1%? 5) Based on the results in 1) through 4), Jennifer needed to report to Linda Brown about which bonds have higher interest rate risk and why. Group Exercise - Chapter 7 (Due Date: 11:59 PM, November 8, Friday) Note: Each group turns in one copy of group exercise on Canvas. Please write down your group's name and the names of the group members who participate in the exercise on your turned-in assignment. You are required to use the Excel Spreadsheet to do quantitative analysis and write a memo in Word. Please convert your Word file to PDF file when you turn in your assignment on Canvas. Mini-case: On January 1, 2018, Jennifer Baker started to work as an intem in the fixed-income department of the Traveler Mutual Funds. Her supervisor, Linda Brown, assigned her to analyze interest rate risk associated with investment in bonds issued by DTE Energy. Ms. Brown provided Jennifer with the information about four bonds issued by DTE Energy. The four bonds are named as A, B, C. and D. Bond A Bond B Bond C Price on January 1, 2018 122.50 124. 50 1 01. 50 Annual coupon rate 5.6% 5.6% 1.625% Maturity date 12/31/2041112/31/2037 12/31/2019 Par value $1,000 $1,000 $1,000 Coupon payment frequency Semiannual Semiannual Semiannual Rating JAA TAA Bond D 1 06 5.4% 12/31/2019 $1,000 Semiannual Then, Ms. Brown assigned Jennifer to do the following research jobs based on the information: 1) Calculate the yield to maturity for the four bonds on January 1, 2018, respectively. 2) Based on the macroeconomic data released by the National Bureau of Economic Research, Ms. Brown expected that inflation rate will increase by 1%. Hence, she expected that yield to maturity for the four bonds will increase by 1% too. She asked Jennifer to calculate prices of the four bonds if the yield to maturity increases by 1%, respectively. 3) List the bond prices of the four bonds on January 1, 2018 and the bond prices of the four bonds calculated in 2) when the yield to maturity increases by 1% in a table. Jennifer next calculated the percentage price change of the four bonds. 4) Since Bond A and Bond B have the same coupon rates, Ms. Brown asked Jennifer to compare which bond price will drop more when the yield to maturity increases by 1%? Since Bond C and Bond D have the same maturity date, Ms. Brown asked Jennifer to compare which bond price will drop more when the yield to maturity increases by 1%? 5) Based on the results in 1) through 4), Jennifer needed to report to Linda Brown about which bonds have higher interest rate risk and why