No using computer please show work on paper with formulas similar examples can be found on chegg.

The first 5-year annual coupon bond has coupons of 20 per year, starting one year from now and matures in 5 years for amount 500. The YTM for the bond is 7% effective annual. The second 4-year annual coupon bond has coupons of 30 per year, starting one year from now and matures in 4 years for amount 400. The YTM for the bond is 6% effective annual. A. Find the Macauley duration for each bond. B. Explain the meaning of the difference between the two durations. C. Find the modified durations, if possible (or explain why it's not possible). D. Explain the meaning of the difference between the two modified durations