The price of a bond decreased by 1.84% (ie., AP/P - -1.84%) in response to an increase in the yield to maturity (YTM) from 6.8% to 7.2%. What is the bond's approximate Macaulay duration? Assume annual coupon payment. 4.91 years 3.80 years 3.47 years 4.76 years Question 10 0.67 pts An annual bond with 9-year duration is worth $1,080 (i.e, price - $1080) and its yield to maturity is 8%. If the yield to maturity (YTM) falls to 7.84%, you would predict that the new price of the bond will (approximately) be $1,094 $1.128 $1.036 $1.035