A 5 year bond, with face value of $1000 trades at $950. The yield to maturity on the bond is 5%. The bond pays an annual coupon of x%, with the first payment starting one year from now. What is x? (answer as a percentage, so if the coupon is 6.25%, answer 6.25) [Hint - you will need goal seek to do this - set up your spreadsheet like the yield to maturity spread, but with a guess for the coupon - then use Goal Seek to find the coupon that gives you the right price]

What is the Macaulay Duration (or weighted average maturity) of the bond in the question above? (express your answer in years - if the answer is 7.85 years, enter 7.85).