Hi, the answer for c) is 104.7$ but I am having a hard time understanding why. Could you please show me how to do c) using a formula. Thank you!

1. Compute the duration (D) for a coupon bond with the following features:

face value $ 100

coupon 10%

yield 8%

maturity 3 years

semi-annual

a.) Compute the Mac.D for Problem 1 by means of the formula.

b.) Compute the corresponding Mod.D.

c.) If the market interest rate (yield) goes up by 20 basis points to 8.2%, determine

the approximate fair market price of this bond.