Required:

a$.$ Find the duration of a $3\%$ coupon bond making annual coupon payments if it has three years until maturity and a yield to maturity of

$6\mathrm{.}8\%.($Do not round intermediate calculations. Round your answers to $4$ decimal places.$)$

b$.$ What is the duration if the yield to maturity is $10\mathrm{.}8\%?($Do not round intermediate calculations. Round your answers to $4$ decimal

places.$)$

Answer is complete but not entirely correct.