A $1,000 5 year bond has a coupon rate of 6% and interest is paid twice per year. If the yield to maturity is 8%, what is the bonds duration? If interest rates are expected to fall by one quarter of a percent, by how much would you expect the price to change using the modified duration equation? How much would you expect the price to change using convexity? You need to use the bond duration and convexity calculator to answer this question.