A five-year bond with a yield of 11% (continuously compounded) pays an 8% coupon at the end of each year. a) What is the bonds price? b) What is the bonds duration? c) Use the duration to calculate the effect on the bonds price of a 0.2% decrease in its yield. d) Recalculate the bonds price on the basis of a 10.8% per annum yield and verify that the result is in agreement with your answer to (c).

**Can you please explain step by step on how to do this question*** and please show formulas used so I can understand how to do it on my own. thank you.