Problem 13-08 Compute the Macaulay duration under the following conditions: a. A bond with a four year term to maturity, an coupon (annual payments), and a market yield of 9%. Do not round intermediate calculations, Round your answer to two decimal places. You may use Appendix to answer the questions. Assume $1.000 par value. years b. A bond with a four-year term to maturity, an coupon (annual payments), and a market red of 13%. Do not round intermediate calculations, Round your answer to two decimal places. You may use Appendix to answer the questions. Assume $1.000 par value years c. Compare your answers to Parts a and b, and discuss the implications of this for classical Immunization Sect. If the duration of the portfolio from Parta is equal to the desired investment horizon the portfolio from Part his sent perfectly As a market yield increases, the Macaulay duration Immunized