Answer questions 8-10 using the information below. A 3-year bond with YTM of 8% and par value of $1000 pays 8% annual coupon. What is the bond's duration? O 2.61 3.11 2.83 O 2.78 QUESTION 9 Use the duration to calculate the percentage change in the bond price if interest rates go down by 1%. +2.78% -2.78% -2.58% +2.58% QUESTION 10 Calculate the exact change in the bond price if interest rates go down by 1%. +2.56% -2.62% -2.56% +2.62%