Please answer the following questions. The annual coupon rate of the bond is 9% and its YTM (annual) is 8%. The bond is issued on 1/1/2025 and the bond's maturity date is 12/31/2006. The par value of the bond is $100. Coupon payments are made semi-annually. (1) What is the modified duration of the bond? (2) Based on the modified duration, what is the new price of the bond if the yield to maturity is reduced by 50 basis points? (3) What is the limitation to estimating the bond price change based on the modified duration