a. What is the duration of a two-year bond that pays an annual coupon of 10.5 percent and has a current yield to maturity of 12.7 percent? Use $1,000 as the face value. Do not round intermediate calculations. Round your answer to 4 decimal places.

Duration = _________ years.

b. What is the duration of a two-year zero-coupon bond that is yielding 11.5 percent? Use $1,000 as the face value.

Duration = _________ years.