B) What is the Macaulay duration of the 10-year corporate bond?

C) Using the first-order linear approximation, what would be the percentage change in the price of the 10-year corporate bond if its yield to maturity decreases by 0.5 percentage points?

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A 10-year corporate bond has coupon rate equal to 5.5%. This bond has a par value equal to 100 , pays annual coupons on November 18 , and matures on November 18, 2032. Because of the credit risk associated with the payments of this bond, the market is discounting its cash flows using yields that are 2 percentage points higher than the yields required from credit-risk-free government bonds. As a result, this corporate bond has a yield to maturity equal to 5.714%. What is the price of the 10-year corporate bond