1. Today is May 15, 2000, and the current, semi-annually compounded yield curve is in Table 3.6. Compute the duration for the following securities:

(a) 3-year zero coupon bond

(b) 3 1/4-year coupon bond paying 6% semiannually

(c) 1-year coupon bond paying 4% quarterly

(d) 6-year floating rate bond with a zero spread, paying semiannually

(e) 3-year floating rate bond with a 35 basis point spread, paid semiannually

(f) 4 1/4 year floating rate bond with 50 basis point spread, paid semiannually

table 3.6

maturity	yield	maturity	yield	maturity	yield
0.25	4.33%	2.75	4.86%	5.25	4.39%
0.5	4.49%	3	4.83%	5.5	4.31%
0.75	4.62%	3.25	4.80%	5.75	4.24%
1	4.71%	3.5	4.76%	6	4.15%
1.25	4.79%	3.75	4.72%	6.25	4.05%
1.5	4.84%	4	4.67%	6.5	3.94%
1.75	4.87%	4.25	4.62%	6.75	3.81%
2	4.88%	4.5	4.57%	7	3.67%
2.25	4.89%	4.75	4.51%	7.25	3.50%
2.5	4.88%	5	4.45%	7.5	3.31%