Consider a bond, whose coupons are paid annually and whose price and coupon are shown below. The bond has 10-year maturity. Assume face value is $100.

Bond Coupon (%)	Price (%)
3	86.00

a. What is the rate which will equalize the price and the discounted cash flows of the bond? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

b. Cakculate that number which will allow you to assess the level of interest rate risk of the bond. (Do not round intermediate calculations. Round your answers to 2 decimal places.)