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Find the Macaulay duration and the modified duration of a 20-year, 12.0% corporate bond priced to yield 10.0%. According to the modified duration of this

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Find the Macaulay duration and the modified duration of a 20-year, 12.0% corporate bond priced to yield 10.0%. According to the modified duration of this bond, how much of a price change would this bond incur if market yields rose to 11.0%? Using annual compounding, calculate the price of this bond in 1 year if rates do rise to 11.0%. How does this price change compare to that predicted by the modified duration? Explain the difference The Macaulay duration is years. (Round to two decimal places.)

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