You purchase today a non-callable semi-annual coupon rate bond under the following conditions: Bond characteristics: Coupon rate: 5.0% Maturity of bond: 12 years Current YTM: 6.5% Expect hold assumptions:Expected hold period: 7 yearsReinvestment rate (average money market return): 3.5% Expected YTM at sale: 5.0% Based upon the above items, find the Horizon Yield (HY) for this bond position.

You purchase today a callable annual coupon rate bond under the following conditions: Bond characteristics: Coupon rate: 7.5% Maturity of bond: 20 years Call Premium: 8% Time to call period: 4 years Current YTM: 8.5% Expected hold assumptions:Expected hold time: 4 yearsReinvestment rate (average money market return): 2.1% Expected YTM (non-callable bonds) at sale: 4.0%Based upon the above items, find the Horizon Yield (HY) for this bond position.