9. Bond T is a 3 year, 8% annual coupon bond with a par value of $1000 and current value of $1000. The discount rate is equal to the coupon rate. What is the duration of Bond T?

10. Using the information in #9 and considering an expected rise of interest rates by 1%, calculate the modified duration for Bond T.

13. Daniels Companys preferred stock is expected to pay a $1.25 dividend at the end of each year. The required rate of return on this stock is 8.5 %. What is the price of Daniels Companys preferred stock?