A2 9b May I please have the answer in formula form and not excel. thx:) 9. Answer the following questions on bond valuation and duration. b. Calculate the duration of a coupon bond with the following...

A2 9b

May I please have the answer in formula form and not excel. thx:)

9. Answer the following questions on bond valuation and duration.

b. Calculate the duration of a coupon bond with the following features. What general conclusion can we make about the duration of coupon bonds relative to their time to maturity?

      Face value of $1000

      Five years to maturity

      Coupon rate of 11%, paid semi-annually

      Current price of $970

      (Hint: The effective annual yield should be 12.1604%.)