Calculate the Macaulay duration of a 12%, $1,000 par band that matures in three years it the bond's YTH 14% and interest is paid semiannually. You may ute Appendia to answer the question .. Cuculate this band's modified duration. Do not round intermediate calculations. Hound your wer to two decimal plac. years b. Assuming the band's YTM goes from 14% to 12.5%, calculate an estimate of the price change. Do not round intermediate calculations. Round your answer to three decimal place. Use minus sign to enter negative value, if any