The current US Treasury on-the-run 30 year bond has a coupon of 2.25%. Assuming that it has equal (semi-annual) periods and was just issued (i.e. it has a full 30 years until maturity), if its yield is now 3%, what is its price? If you buy this bond for 96 (assuming a face value of a $100), what is its (semi-annually compounded) yield. What is the equivalent annually compounded yield for this bond if its price is 96?

The Republic of Chickenish has issued a bond with a face value of $100 million dollars. It has a maturity of 10 years, and the coupon during the first year is 6%, the coupon during the second year is 7%, the coupon during the third year is 8%, the coupon during the fourth year is 9%, and from the 5th year on, it pays a 10% coupon. These coupons are paid semi-annually. In addition, there is a sinking fund provision, where the Republic pays 25% of the principal back in the four years prior to maturity (that is, at maturity it pays back 25 million, the year before it pays back 25 million, and so on.). This bond was just issued (i.e. 20 full semi-annual periods) at a price of $88 per $100 face value. What is its (semi-annually compounded) yield? What is the yield spread between the Republic of Chickenish and the United States, given your answer to the previous question

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