You are given the following information about two bonds. (i) Bond 1 is a 10-year 8% semi-annual coupon paying bond. (ii) Bond 2 is a zero coupon bond maturing in 5 years. (iii) Both Bond 1 and Bond 2 can be purchased to yield an annual effective rate of 10%. A portfolio is constructed with a combination of face amount X1 of Bond 1 and face amount X2 of Bond 2. The face amount of the portfolio is F1 + F2 = 100. Find the (annualized) Macaulay duration of Bond 1. (a) The Macaulay duration of the portfolio is 5.5. Find the value of the portfolio.

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