A five-year 2.4% defaultable coupon bond is selling to yield 3% (Annual Percent Rate and semi- annual compounding). The bond pays interest semi-annually. The risk-free yield is 2.4%. Therefore, its current credit spread is 3% -2.4% = 0.6%. Two years later its credit spread increases from 0.6% to 1% while the risk-free yield doesn't change. Assuming the face value of the coupon bond and risk-free bond is 100. If we definecredit value as the difference between the prices of risk-free bond and defaultable bond, what is the current credit value of the bond, and what is it after two years? (please do not use excel)