(a) Find the Macaulay Duration of a 5.6% coupon bond making annual coupon payments if it has four years to maturity and a yield to maturity of 5%. (assuming a face value of $1,000) t CE PVCE=CE/(1+y) Wi=PVCF/Price tW 1 2. 3 I 4 Sum of PV: Macaulay Duration: (b) If the required yield goes up by 0.25%, how mucn do you expect the price of the bond to change (in percentage terms)