Step $1$: You are given current Par rates on $1-$year, $2-$year, and $3-$year Par bonds, coupons paid annually.

Derive current spot and forward curves

Step $2$: Build and Calibrate the tree.

Step $3$:

Price a $3-$yr$,9\%,$ Annual

Price a $3-$yr$,9\%,$ Annual, Callable in yr $2$ at $$105$

Price a $3-$yr$,9\%,$ Annual, Puttable in yr $2$ at $$100$ BUILD ALL STEPS OUT IN MICROSOFT EXCEL PLEASE