You recently purchased a 20-year bond with a coupon rate of 3% and a yield of 2.75%, at a market price of 103.83. a. You notice that when market interest rates for similar bonds fell by 0.50% to 2.25%, the price of your bond increased to 112.03. b. When similar bond yields increased by 0.50% to 3.25%, the bond price fell to 96.34. Using the effective duration formula, what is the duration of the bond? Enter your numerical answer with one decimal place. approximate duration = P-P 2(P.)(ay)