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A 30-year maturity bond making annual coupon payments with a coupon rate of 14.5% has duration of 10.64 years. The bond currently sells at a

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A 30-year maturity bond making annual coupon payments with a coupon rate of 14.5% has duration of 10.64 years. The bond currently sells at a yield to maturity of 9% Required: a. Find the price of the bond if its yield to maturity falls to 8%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price of the bond b. What price would be predicted by the duration rule, if its yield to maturity falls to 8%? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Predicted price

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