No excel.

Question 14.15 A bond pays annual coupons, and the next coupon will be paid in one year. The price, par value, and redemption value of the bond are all 100 . The Macaulay duration of the bond is 6.88 years. The coupon rate of the bond is 7.4%. Calculate the first-order modified approximation of the price of the bond if the yield of the bond falls to 6.8%. A 103.84 B 103.94 C 104.13 D 104.94 E 105.13 Question 14.15 A bond pays annual coupons, and the next coupon will be paid in one year. The price, par value, and redemption value of the bond are all 100 . The Macaulay duration of the bond is 6.88 years. The coupon rate of the bond is 7.4%. Calculate the first-order modified approximation of the price of the bond if the yield of the bond falls to 6.8%. A 103.84 B 103.94 C 104.13 D 104.94 E 105.13