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3. + Bond 1 M 1000 Coupon Rate 4% n r 10 yrs 5% 922.78 tCFt (1+r)n 7714.08 Bond 2 1000 5% 10 yrs

3. + Bond 1 M 1000 Coupon Rate 4% n r 10 yrs 5% 922.78 tCFt (1+r)n 7714.08 Bond 2 1000 5% 10 yrs 5% 1000 8107.82 Find the duration for each bond and state why one is higher than the other.

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