Please explain the steps and details and mention formulas

(2 decimal places) - All interest rates are compounded semi-annually unless it specifically says otherwise!

3. value 25.00 points "Today Is August 5, 2020. Chang wants to buy a $60000 face value bond that has a coupon rate of 2.25% (comp.seml.) and that pays its coupons June 30 and December 31 every year. The bond matures on Dec 30, 2024, and the current interest rate is 8.75% (comp.semt). a) What is the amount of each coupon payment? b) Find the clean price Po of the bond on June 30, 2020 C) Use the ACT/ACT daycount convention to calculate the fraction k of the current coupon period based on today's" date d) Find the dirty price today using the linear approximation P=Po' (1-1). (Where is the effective 6 month rate and k Is the fraction from partc.) e) Find the dirty price today" using the compound Interest formula P=P' (1-nk. (Where I Is the effective 6 month rate and k is the fraction from partc.) 3. value 25.00 points "Today Is August 5, 2020. Chang wants to buy a $60000 face value bond that has a coupon rate of 2.25% (comp.seml.) and that pays its coupons June 30 and December 31 every year. The bond matures on Dec 30, 2024, and the current interest rate is 8.75% (comp.semt). a) What is the amount of each coupon payment? b) Find the clean price Po of the bond on June 30, 2020 C) Use the ACT/ACT daycount convention to calculate the fraction k of the current coupon period based on today's" date d) Find the dirty price today using the linear approximation P=Po' (1-1). (Where is the effective 6 month rate and k Is the fraction from partc.) e) Find the dirty price today" using the compound Interest formula P=P' (1-nk. (Where I Is the effective 6 month rate and k is the fraction from partc.)