Muestion 2 a-Calculate the duration of each of the three bonds. If the current interest rate is 8%. b-If interest rates are expected to increase by 1 percent, which bond would you choose and why? Calculate the new price of the bond to justify your answer. Michigan Cons Cas Co Coupon(\%) : 5.36% Maturity year : 2026 Market Price on : $915.01 BellSouth Telecommunication Coupon(\%) : 7% Maturity year : 2024 Market Price on : $984.1 Braemar Hotels and Resorts Coupon(\%) : 10\% Maturity year :2029 Market Price on : $1107.11 a-Calculate the duration of each of the three bonds. If the current interest rate is 8%. b-If interest rates are expected to increase by 1 percent, which bond would you choose and why? Calculate the new price of the bond to justify your