Calculate the Macaulay duration of an 8%, $1,000 par bond that matures in three years if the bond's YTM is 10% and interest is paid semiannually. You may use Appendix C to answer the questions.

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

years

Assuming the bond's YTM goes from 10% to 8.5%, 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.

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