7.21 Consider the following two bonds which make semiannual coupon payments: a 20- year bond with a 6% coupon and 20% yield, and a 30-year bond with a 6% coupon and a 20% yield. a. For each bond,...

Please answer both subparts with explanation.

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Extracted text: 7.21 Consider the following two bonds which make semiannual coupon payments: a 20- year bond with a 6% coupon and 20% yield, and a 30-year bond with a 6% coupon and a 20% yield. a. For each bond, compute the price value of a basis point. b. For each bond, compute Macaulay duration.