1. You own a bond that matures in 5 years, has annual coupons of 8%, and whose par value is $100. a. Calculate the duration of the bond if the YTM of the bond is 5%. b. If there has been no change in the YTM of the bond, what is the duration of the bond after the fi4st interest payment is made when 4 years remain till maturity? c. Several days after the interest was paid, the YTM of the bond fell from 5% to 3%. Calculate the price change in percentage by calculating the price before and after the change, as well as using the duration calculated in question b.