NO EXCEL!!! please write out the formulas

3) Answer the below questions for bonds A and B. (a) Calculate the actual price of the bonds for a 100-basis-point ( 1% annual) increase in interest rates. (b) Using (modified) duration, estimate the price of the bonds for a 100-basis- (a) Calculate the actual price of the bonds for a 100-basis-point ( 1% annual) increase in interest rates. (b) Using (modified) duration, estimate the price of the bonds for a 100-basis- point (1% annual ) increase in interest rates. (c) Explain why your answers in parts (a) and (b) differ