1. The Dodgy High Yield Strategies portfolio consists of the following four fixed-rate bonds:

	Bond A	Bond B	Bond C	Bond D
Par Value Owned	14,000	16,000	12,000	8,000
Maturity (years)	1.49	6.62	8.84	11.34
Coupon Rate	12%	11%	10%	14%
Coupon Frequency	annual	semiannual	semiannual	quarterly
Yield to Maturity	10%	14.5%	15%	15.2%
Quoted Price	102.4939	85.3785	76.6166	93.5472
Accrued Interest	6.2000	4.1556	1.6944	2.3722
Macaulay Duration	1.3779	4.4964	5.3388	5.5208

The quoted price (i.e. flat price) and accrued interest are per 100 of par. Using the weighted-average approach, estimate the portfolios:

1. Macaulay duration. b. Modified duration.