Consider a 7% coupon bond with five years to maturity trading currently at $100 and making annual payments. Find the bond’s prices for a 100 basis points increase and 100 basis points decrease in the...

Consider a 7% coupon bond with five years to maturity trading currently at $100 and making annual payments. Find the bond’s prices for a 100 basis points increase and 100 basis points decrease in the yield. Obtain the bond’s duration and interpret the result.