b. A bond portfolio consists of the following three annual coupon payment bonds. The par value is $1000. Bond Maturity Market (years) Value (S) AX 13 2,167,600 BZ 15 2,048,200 24 1,436,250 Price ($) 1,083.8 1,024.1 957.5 Coupon (%) 8.50 7.88 7.50 Yield-to- Maturity (%) 7.47 7.60 7.90 Modified Duration (years) 7.94 8.71 10.72 CY i. Determine the weight of each bond in the bond portfolio. (3 marks) ii. Calculate the bond portfolio's modified duration. (2 marks) c. Which bond should be the most price volatile? Explain. (3 marks) i. 5-year maturity, 2% coupon. ii. 8-year maturity, 2% coupon. iii. 5-year maturity, 6% coupon. iv. 8-year maturity, 6% coupon