Please show work, thanks! 1) A portfolio manager invests in a 3-year callable 8% bond at a price $1000. At the end of the second year, that bond was called with a premium of $1070. He then uses $900 of the money to reinvest in a 3 year non-callable 6% bond. Assume annual coupons, can you find the rate of the rate of return of his 5-year portfolio?