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Consider a 4-year corporate bond paying 9 percentannual coupon. The current yield tomaturityllpercent. (13 points) a. Find the Macaulay duration. Make sure to show your

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Consider a 4-year corporate bond paying 9 percentannual coupon. The current yield tomaturityllpercent. (13 points) a. Find the Macaulay duration. Make sure to show your work. b. Refer to part a. If the interest changes by 25 basis points, what is the exact change in price? Make sure to show your work. c. Refer to part b. If the interest changes by 25 basis points, what is the approximate change in price? Make sure to show your work

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