Bond Duration.

a. Compute the Macaulay duration of a 6% coupon bond making annual coupon payments if it has 3 years until maturity and has a yield-to-maturity of 6%.

b. Consider a 6% coupon bond making annual coupon payments if it has 3 years until maturity with a yield-to-maturity of 10%. Compute the approximate percentage change in the bond price if the yield changes by 1%.