Calculate the Macaulay duration of a 9%, $1,000 par bond that matures in three years if the bond's YTM is 14% and interest is paid semiannually. You may use Appendix C to answer the questions.

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

B. Assuming the bond's YTM goes from 14% to 13.0%, 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.