Your bank has invested in a Treasury Corporation of Victoria (TCV) semi-annual paying bond. The coupon is 10% and the current yield is 6.45%.A broker contacts you to advise that he is a big buyer of TCV bonds. He offers to buy $25,000,000 of the bond from you at 6.50%. The maturity date of the bond is the 15^th of November, 2023. If you sell the bond, the settlement date will be the 4^th of November, 2019.

(i)Calculate the sale consideration for this bond, using Australian financial markets bond pricing conventions (show all workings).

(ii)Calculate the duration and modified duration of the bond on the 4^th of November, 2019 (show all workings).