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please show step by step. answer has to be 23.98 no excel function either 8. A five-year bond yielding an annual effective interest rate of

please show step by step. answer has to be 23.98 no excel function either

8. A five-year bond yielding an annual effective interest rate of 4% pays 6% annual coupons. The bond is redeemed at a par value of $1,000. Calculate the bond's modified convexity. . 10.75 b. 15.33 c. 18.43 d. 20.71 23.98

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