Reopen Resort Inc. issued 10-year annual coupon paying bonds. Both coupon and market rates are 5.28%. Macaulay duration of this bond is 8.0200. Assume $1,000 for the par value.

(1) What is the modified duration for this bond at 5.28%? For this question, report your answer up to the fourth decimal place, e.g. 1.2345.

(2) Using your answer in (1), compute the percentage change of the bond price at +0.01% point change in market rate. Note that the rate increased. Report your answer in terms of percentage and up to the fourth decimal place (e.g. 1.2345%). You should indicate the correct sign i.e., (+) or (-).

(3) Compared to the 10-year zero-coupon bond, is the price change in (2) be bigger or smaller at the same yield of 5.28%? No computation necessary, but explain briefly. [Bigger/Smaller than zero coupon] Why?