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Chapter 16 problem 2. How can a perpetuity, which has an infinite maturity, have a duration as short as 10 or 20 years? Chapter 16 CFA problem 2 a. A 6% coupon bond paying interest annually has a modified duration of 10 years, sells for $800, and is priced at a yield to maturity of 8%. If the YTM increases to 9%, what is the predicted change in price based on the bond's duration? b. A 6% coupon bond with semiannual coupons has a convexity (in years) of 120, sells for 80% of par, and is priced at a yield to maturity of 8%. If the YTM increases to 9.5%, what is the predicted contribution of convexity to the percentage change in price due to convexity? C. A bond with annual coupon payments has a coupon rate of 8%, yield to maturity of 10%, and Macaulay duration of 9 years. What is the bond's modified duration? d. When interest rates decline, the duration of a 30-year bond selling at a premium: -i. Increases. ii. Decreases. iii. Remains the same. iv. Increases at first, then declines