1. A bond has just been issued. The bond has an annual coupon rate of 7% and coupons are paid annually. The bond has a face value of $1,000 and will mature in 7 years. The bonds yield to maturity is 9%.
   1. Calculate the actual change in the bonds price as the yield to maturity changes from 9% to 11%.
   2. Use the bonds duration to calculate the approximate bond price change as the yield to maturity changes from 9% to 11%.
   3. Please show excel and show formulas