A fixed-income instrument is currently priced at 100.25. Your valuation model indicates a price of 102.30 at a yield 50 basis points (0.5 percent) lower and a price of 96.70 at a yield 50 basis points higher. What is the effective duration of the instrument? What is its effective convexity? Is it likely that the instrument involves any embedded options? If so, are the options more likely to favor the investor or the issuer? Based on that view, would you expect the option-adjusted spread on this instrument to be greater than, equal to, or less than its nominal yield spread?