In a game similar to the Credit market game, there are 10 traders each holding a 5-year mortgage claim of $110,000 to a house that is worth $1M. Each claim promises10% interest rate per annum (on the face value) while the house value goes up byonly 5% each year Similar to the class game, if at any time between months t=1 to60, a trader submits their claim and the 'house' is still solvent, they get the value of$110,000 and the promised interest (the "house' secures the proceeds by selling afraction of the property). in the case of insolvency, the remaining value of the houseis split equally among the outstanding claims. In a secondary mortgage market,conducted at time t=0, the rational value of each of the above 10 mortgageinstruments is: