The following table gives the price of bonds;

Bond Principle	TTM	Annual Coupon	Bond Price
100	6 months	0%	96
100	12 months	0%	90
100	18 months	8%	95

Half the stated coupon is assumed to be paid every six months. Use semi-annual compounding as interest rate measurement.

A) Calculate (annualized) zero rates for maturities of 6 months, 12 months and 18 months.

B) What is the fair price of 18-months zero-coupon bond given current term structure of zero rates? The par value of bond is assumed to be $100.