Calculate the Macaulay Duration for an 9 annual coupon bond with 3 years left to maturity if the bond's yield to maturity is 8%. Face value is100.(Show your calculations)

What is the modified duration of the bond?

If 3 year yields to maturity were to suddenly to increase from 8% to 9% and the bond in problem (i) was selling for 102.58 at 8% yield, whatwould you expect the bond price to be after the yield increases to 9% ?