12. (a) (b) Calculate the duration of a bond with $1,000 par value and a 9 percent coupon rate, with five years still remaining to maturity, and a 9 percent yield to maturity. [20%] What are foreign bonds and Eurobonds? Discuss the popularity of Eurobonds over foreign bonds. [25%] Estimate the bond price of a newly issued 3-year maturity, 8% coupon bond making annual coupon payments for a yield to maturity of 4%. We assume that the bond face value is 1000. [25%] (c) (d) What is the European debt crisis? Discuss possible solutions to the crisis. [30%]