Problem 3 Three years ago Los Pollos Hermanos (LPH) issued a high-yield bond with a coupon rate of 14%, paying semi- annual coupons. When originally issued the bond was sold at par and had five years until maturity. Currently, LPH bonds have a yield-to-maturity of 16%, and the next coupon payment is in 6 month from today. By how much is the duration of LPH bonds higher than that of an AAA rated zero-coupon bond with an interest rate of 9% (APR, annually compounded) and 18 months until maturity? Note, report a negative number if LPH has the lower duration of the two bonds. Problem 3 Three years ago Los Pollos Hermanos (LPH) issued a high-yield bond with a coupon rate of 14%, paying semi- annual coupons. When originally issued the bond was sold at par and had five years until maturity. Currently, LPH bonds have a yield-to-maturity of 16%, and the next coupon payment is in 6 month from today. By how much is the duration of LPH bonds higher than that of an AAA rated zero-coupon bond with an interest rate of 9% (APR, annually compounded) and 18 months until maturity? Note, report a negative number if LPH has the lower duration of the two bonds