Problem $13-01$

Calculate the Macaulay duration of a $9\%,$ $$1,000$ par bond that matures in three years if the bond's YTM is $12\%$ and interest is paid semiannually.

Calculate this bond's modified duration. Do not round intermediate calculations. Round your answer to two decimal places.

years

Assuming the bond's YTM goes from $12\%$ to $10\mathrm{.}5\%,$ calculate an estimate of the price change. Do not round intermediate calculations. Round your answer to three decimal places. Use a minus sign to enter negative value, if any.

$\%$