In the capital markets, we use duration as an approximate measure of a bond's price sensitivity to changes in interest rates. For simplicity, in this question, we define duration as the percentage change of the bond price if the market interest rate increases by 1%. Now please calculate the duration (the change in the bond's price if the YTM increases by 1%) of a bond which has a 8% coupon paid annually, maturing in 20 years. The bond's current YTM is 10%. the answer is -8.27% the answer is -5.61% the answer is -5.95% the answer is 9.52%