Compute the modified duration of the following bond:

Bond C: $6,500,000 face amount of a par priced 5yr bond with an annual coupon of 3.65% paid semiannually

Now assume yields rise by 50bps, Using the duration computed above, you would expect the market value (in dollar terms) of that bond to decline by how much?

Hint: you need to determine each bond's yield if you are to use the =duration() function. Remember this is a par priced bond