Consider a 24-year $1,000 face bond with a coupon rate of 2.5%, a ytm of 3%, and a price of 914.89. The bond pays coupons semi-annually and has a duration of 17.88 years. 1) What is this bond's modified duration? w Now suppose the bond's ytm increases to 4%. 2) Using modified duration, approximately what will be the bond's new price