Suppose that an investor has 8-year investment horizon. The investor is considering a 15-year semi-annual coupon bond selling at $990 (par value is $1000) and having a coupon rate of 4%. The investor expectations are as follows: The first 4 semi-annual coupon payments can be reinvested from the time of receipt to the end of the investment horizon at an annual interest rate of 4%, the first 8 semi-annual coupon payments can be reinvested from the time of receipt to the end of the investment horizon at an annual interest rate of 4.25%, the last 4 semi-annual coupon payments can be reinvested from the time of receipt to the end of the investment horizon at a 3.75% annual interest rate, and the required market interest/discount rate on 7-year bonds at the end of the investment horizon is 3.6%. A) What is the YTM of the bond? B) What is the total return on bond equivalent basis from investing in the bond? C) Please explain your result carefully.