Consider a bond with the following features and a hypothetical settlement date of 20 November 2020.

Annual Coupon	8%
Coupon Payment Frequency	Semiannual
Interest Payment Dates	30 December and 30 June
Maturity Date	30 December 2021
Day-Count Convention	30/360
Annual Yield-to-Maturity	7%

You want to calculate the bonds Macauley duration using the following table:

Period	Time to Receipt	Cash Flow	Present Value	Weight	Time Weight
1
2					X
3

a - What is the value of X in this table? Round your answer to three decimal places.

b - Use the formula to solve for the Macaulay Duration for the bond described in Question 7 above. Round your answer to three decimal places and do not forget to annualize your measure.

c - Without considering the convexity effect, what is the approximate percentage price change if the bond's yield to maturity increases by 150 basis points. Use the formula that relies on modified duration. Round your answer to three decimal places and express your answer in percentage terms (e.g., 3.500% not 0.035).

d - What is the bond's approximate modified duration assuming a 50 bp change in its annual yield-to-maturity? Remember to annualize your answer and round your answer to three decimal places.