A portfolio manager is considering purchasing two bonds. Corporate Bond X has a maturity of 9 years, an annual coupon rate of 4%, and a yield of 6.45%. Corporate Bond B has a maturity of 9 years, an annual coupon rate of 5.50%, and a yield of 6.45%. 1) What is the price of each bond? 2) What is the duration on each bond? 3) Assume that interest rates fall by 35 basis points on the corporate bonds ( 35 basis points). How much is the elasticity coefficient of both bonds? 4) Compute Macaulay's Modified Duration. 5) Which bond will the portfolio manager choose