20. Find the duration of a bond with settlement date May 27, 2018, and maturity date November 15, 2027. The coupon rate of the bond is 7%, and the bond pays coupons semi-annually. The bond is selling at a yield to maturity of 8%. Use the spreadsheet Ch. 11 Problem 20 to calculate the answer.

21. What is the duration of the bond in the previous problem if coupons are paid annually? Explain why the duration changes in the direction it does.

23. Find the Convexity of a seven-year maturity, 6% coupon bond selling at a yield to maturity of 8%. The bond pays its coupons annually. You can use the spreadsheet Ch 11 23 below to calculate the convexity setting cash flows after year 7 equal to zero.