An asset-backed security has the following expected monthly payments. The price of the security is $

An asset-backed security has the following expected monthly payments. The price of the security is $12,381,256.MonthPayments:1) $1,178,40572) $1,112,56923) $1,107,39084) $1,022,56435) $1,096,44396) $988,51147) $1,254,900108) $967,03459) $1,095,6781110) $1,006,292611) $1,043,2111212) $898,451(a) Calculate the cash flow yield, expressed as an annualized rate based on monthly compounding.(b) Convert the yield in (a) to a bond equivalent yield (i.e., an annualized rate based on semi-annual compounding).(c) What assumptions typically are required to estimate the cash flows in an amortizing security?