A bond has a YTM of 5.48%. The table below provides enough information for you to calculate convexity. The first column in the table shows the present values. The second multiplies them by time and the third multiplies the second by t+1. Below the 12 rows with those numbers is another row (separated by a space) that has the sum of the figures in each column. What is the convexity factor? Report your answer to the nearest hundredth. __31.58__

2.043995. 2.043995 4.087989

1.989483 3.978965 11.9369

1.936425 5.809274 23.2371

1.884782 7.539127 37.69563

1.834516 9.17258 55.03548

1.785591 10.71354 74.99481

1.73797 12.16579 97.32634

1.69162 13.53296 121.7966

1.646506 14.81855 148.1855

1.602595 16.02595 176.2854

1.559855 17.1584 205.9008

73.81608 885.793 11515.31

93.52942 998.7522 12471.79

CX = 12471.79/ 4* 93.52942* 1.0274* 1.0274 = 31.58

I would like to know they got the number 1.0274

please explain