a.	What is the duration of a two-year bond that pays an annual coupon of 11 percent and whose current yield to maturity is 15 percent? Use $1,000 as the face value.

b.	What is the expected change in the price of the bond if interest rates are expected to increase by 0.6 percent? (Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 2 decimal places.

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