Today you are buying a 4-year, 8% coupon bond that is selling at a bond yield of 12%. The coupon is paid annually. What will be your rate of return if the bond defaults during the 1) 1st year, 2) 2nd year, 3) 3rd year, 4) 4th year? Assume a constant recovery value of 50%.

The correct answers are 1) 43.09%, 2) 19.87%, 3) 10.19%, 4) 4.95%. Can you show me how to get their while using a financial calculator?