To prepare funding for the investment project, Cooper Technologies Ltd issued 15-year bonds to the public exactly three months ago. These bonds would pay semi-annual coupons at a rate of 11% p.a.. The rate of return required by investors on these instruments has been estimated at 10% p.a.. Each bond has a face value of $100,000. a. Calculate today's price of each bond. ( 3 marks) b. Consider the current term structure as follows: corporate bonds with maturity from 1 years to 5 years yield 8% p.a., corporate bonds with maturity from 6 years to 9 years yield 9% p.a., and 10 year bonds and longer-maturity bond yield 12% p.a.. Recalculate today's price of each bond. ( 3 marks)