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4. M Coupon Rate n r n tCFt (1+r)n Bond 1 1000 Bond 2 1000 4% 4% 10 yrs 8 yrs 5% 5% 935.37

4. M Coupon Rate n r n tCFt (1+r)n Bond 1 1000 Bond 2 1000 4% 4% 10 yrs 8 yrs 5% 5% 935.37 922.78 7714.08 6512.04 Find the duration for each bond and state why one is higher than the other.

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