a. Find the duration of a 7% coupon bond making annual coupon payments if it has three years until maturity and has a yield to maturity of 7%. Note: The face value of the bond is $1,000. (Do not round intermediate calculations. Round your answers to 3 decimal places.) 7% TM years b. What is the duration if the yield to maturity is 8.4%? Note: The face value of the bond is $1,000. (Do not round intermediate calculations. Round your answers to 3 decimal places.) 8.4% M years