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Question 7. The current price of a financial instrument is 100. The current interest rate is 5% annual effective. (a) Suppose the Macaulay duration is 5. Approximate the price of the asset when the interest rate increases to 6% annual effective using the Macaulay approximation Hint: 95.37 (b) Suppose the Macaulay duration is 10. Approximate the price of the asset when the interest rate increases to 6% annual effective using the Macaulay approximation. Hint: 90 6 (c) Suppose the Macaulay duration is 50. Approximate the price of the asset when the interest rate increases to 6% annual effective using the Macaulay approximation. Hint: 62.25