Question 3: A bond with a face value of $1000 and maturity of exactly 5 years pays 10% annual coupon. This bond is currently selling at an annual yield-to-maturity (YTM) of 11.5%. Answer the following questions for this bond. Calculate the current price of the bond. (5 points) Calculate modified duration of the bond using the timeline method. (10 points) Using just the modified duration, what is the new price of the bond when YTM is 12%? (5 points)

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