A nine-year bond has a yield of 12% and a duration of 7.203 years. If the bond's yield increases by 40 basis points, what is the percentage change in the bond's price as predicted by the duration formula? (Input the value as a positive value. Do not round intermediate calculations. Round your answer to 2 decimal places.) The bond's price decreased by 2.57 % A pension fund must pay out $1 million next year, $2 million the following year, and then $3 million the year after that. If the discount rate is 8%, what is the duration of this set of payments? 2.29 years 2.53 years 2 years 0 2.15 years