Suppose that the term structure of interest rates is:

Interest rates are annual interest rates that are semi$-$annually compounded.

Calculate the price and modified duration of a $1-$year bond with a $6\%$ coupon rate, with coupons paid

semi$-$annually. The bond has a face value of $100\mathrm{.}0$

Calculate the price and modified duration of a $2-$year bond with a $10\%$ coupon rate, with coupons paid

semi$-$annually. The bond has a face value of $100\mathrm{.}0$

Compare your results from $1$ and $2$ above. Which bond is more sensitive to changes in interest rates?