Pls provide the calculation process in details, thanks.

Q2. Given 1-year, 2-year, 3-year par rates (or yield-to-maturity) of an institutions bonds are 2%, 3%, 4%, (a) find the 1-year, 2-year, 3-year spot rates. Use these spot rates to price a fixed rate 3-year 5% coupon bond issued by the same institution. (b) Suppose interest rate volatility is incorrectly perceived by the market as 15% p.a. when it should be 20% p.a., can you make arbitrage profits by trading in these institutions bonds ? (c) Suppose on top of information given above, you also know that next year's 1-year spot rate will likely be below 4%, can you make arbitrage profits? How? Q2. Given 1-year, 2-year, 3-year par rates (or yield-to-maturity) of an institutions bonds are 2%, 3%, 4%, (a) find the 1-year, 2-year, 3-year spot rates. Use these spot rates to price a fixed rate 3-year 5% coupon bond issued by the same institution. (b) Suppose interest rate volatility is incorrectly perceived by the market as 15% p.a. when it should be 20% p.a., can you make arbitrage profits by trading in these institutions bonds ? (c) Suppose on top of information given above, you also know that next year's 1-year spot rate will likely be below 4%, can you make arbitrage profits? How