Answer the following. (LG 23-2, LG 23-3)

a. What is the duration of a 20-year 8 percent coupon (paid semiannually) Treasury bond (deliverable against the Treasury bond futures contract) selling at par?

b. What is the impact on the Treasury bond price if interest rates increase 50 basis points annually (25 basis points semiannually)?

c. What is the meaning of the following Treasury bond futures price quote: 101-13?