Calculate the duration, in years, of a bond that matures in 5 years, pays $60 in interest twice a year (e.g., 12% coupon rate), and sells for $997.55.Explain how duration can be used (or modified duration) to estimate the change in the price of a bond when the yield to maturity changes.Estimate how much the price of this bond will change if rates go up one percentage point, and then calculate an exact price assuming a one percentage point jump in the YTM.Why doesn't the duration approach give you an exact answer.