Exhibit 13.12 USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM Consider two bonds: both pay annual interest. Bond C has a coupon of 6 percent per year, maturity of five years, yield to maturity of 6 percent per year, and a face value of $1,000. Bond D has a coupon of 8 percent per year, maturity of 15 years, yield to maturity of 6 percent per year, and a face value of $1,000. Refer to Exhibit 13.12. Calculate the modified duration for Bond D.