c) A bank is owed money from a local restaurant, Anthony's; the money was used a few years ago to renovate the restaurant. The term loan has a fixed rate of interest and a yield to maturity of 8.0% (APR), quarterly payments of principal and interest each quarter are $7,508. The loan has 2 years (8 payments) remaining. i. What is the Macaulay duration of this loan? ii. What is the modified duration of this loan? iii. The bank owns approx. $55K (market value or price) of this loan, what is the Dollar Duration of this loan (measured in terms of a 100bp change)? iv. What is the price elasticity of the loan, given a 25bp change in annual yield to maturity (currently 8.0%)? (Use the relationship AP =-Px MD X AR, or rather AP/P =- MDX AR when estimating the numerator of the price elasticity calculation)