a. Compute the convexity of a 3-year bond paying annual coupons of 4.5% and selling at par. b. Compute the convexity of a 3-year 4.5% coupon bond that makes semiannual coupon payments and that...

a. Compute the convexity of a 3-year bond paying annual coupons of 4.5% and selling at par.

b. Compute the convexity of a 3-year 4.5% coupon bond that makes semiannual coupon payments and that currently sells at par.

c. Is the convexity different in the two cases? Why?