1. A bond currently sells for $1,110, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 25 basis points, the price of the bond falls to $1,065. What is the duration of this bond?

2. Find the duration of a 8% coupon bond making annual coupon payments if it has three years until maturity and a yield to maturity of 7.8%. What is the duration if the yield to maturity is 11.8%?