Question 5:	An asset-backed security has the following expected monthly payments. The price of the security is $12,381,256.
	Month	Payment	Month	Payment
	1	$1,178,405	7	$1,112,569
	2	$1,107,390	8	$1,022,564
	3	$1,096,443	9	$988,511
	4	$1,254,900	10	$967,034
	5	$1,095,678	11	$1,006,292
	6	$1,043,211	12	$898,451
	(a) Calculate the cash flow yield, expressed as an annualized rate based on monthly compounding.
	(b) Convert the yield in (a) to a bond equivalent yield (i.e., an annualized rate based on semi-annual compounding).
	(c) What assumptions typically are required to estimate the cash flows in an amortizing security?