A bond pays annual interest. Its coupon rate is 11.2%. Its value at maturity is $1,000. It matures in 4 years. Its yield to maturity is currently 8.2%. The duration of this bond is _______ years.

a)3.20

b)4.00

c)2.95

d)3.46

A bond currently has a price of $1,050. The yield on the bond is 7%. If the yield increases 21 basis points, the price of the bond will go down to $1,021. The duration of this bond is ____ years.

a)14.09

b)13.14

c)12.26

d)14.50