Calculate the Macaulay duration of a 9%,$1,000 par bond that matures in three years if the bond's YTM is 12% 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. 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. Roun your answer to three decimal places. Use a minus sign to enter negative value, if any. %