Find the Macaulay duration and the modified duration of a 15-year, 11.0% corporate bond priced to yield 9.0%. According to the modified duration of this bond, how much of a price change would this bond incur if market yields rose to 10.0%? Using annual compounding, calculate the price of this bond in one year if rates do rise to 10.0%. 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.)