a) suppose the Macaulay's duration or a bond portrouo IS 3. With this information only, can you hedge against changes in interest rates? Discuss and give details on the types of hedge you can implement it and how you can implement. Suggest other ways to implement a more complete hedge of your bond portfolio against interest rate changes. [13 marks] b) Discuss the following statement in detail: \"A fund of hedge funds is ideal for busy investors that do not have time to search for the hedge funds that have the best performance overall". [12 marks]