After extensive project appraisal analysis, McCoy Plc has decided to go ahead with the launch of a new gaming platform. The new project will cost 400m and McCoy Plc has decided to raise half of this by issuing bonds. The new bonds were issued today and have a maturity of 6 year, a face value of 100 and a coupon rate of 6%. a) If the bonds were issued at a fair price and the yield to maturity on the bonds is 7.5%, how many bonds did McCoy Plc have to issue? b) What was the duration of the bonds on the day they were launched? c) What does the duration of a bond measure? d) Assume one year after issue, the price of each bond is 85. What would the annual return be then