Calculate the Macaulay duration of a 10%, $1,000 par bond that matures in three years if the bond's YTM is 12% and interest is paid semiannually.

a. Calculate this bond's modified duration. Do not round intermediate calculations. Round your answer to two decimal places.

___ years

b. Assuming the bond's YTM goes from 12% to 11.0%, calculate an estimate of the price change. Do not round intermediate calculations. Round your answer to three decimal places. Use a minus sign to enter negative value, if any.

___ %