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Problem 13-03 The Clarence Corporation has issued bonds that pay semiannually with the following characteristics: Coupon 8% Yield to Maturity 8% Maturity 15 Macaulay Duration 8.99 years a. Calculate modified duration using the information provided. Do not round intermediate calculations. Round your answer to two decimal places. Use only the data provided in the table above (in the problem statement) for your calculations. years b. What is a better measure when calculating the bond's sensitivity to changes in interest rates? considers only the final cash flow, while -Select- includes other factors. -Select- is a better measure of the bond's sensitivity to changes in interest rates as -Select- c. Identify the direction of change in modified duration if: 1. the coupon of the bond were 4%, not 8%. Modified duration - Select as the coupon decreases. 2. the maturity of the bond were 9 years, not 15 years. Modified duration -Select- vas maturity decreases