Consider an 8.25 annual coupon bond. The bond has a 30-year time-to-maturity and a face value of $1,000 that you buy right now. At the time of the purchase, the YTM is 10%. Your plan is to sell the bond immediately after you receive the 27th coupon payment. The YTM is expected to remain constant.

1. What is the minimum selling price for the bond at the time of the sale?

I believe the minimum selling price is $956.48. Can you confirm this is correct?

2. What is the duration at the time of the sale?

Please show all work