Questions on Bonds: Answer with a working worksheet making the cashflows in each period explicit (not using the PRICE function or PV, FV, RATE, PMT, NPER functions ) each of the questions below

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3 3 You are a portfolio manager who has presented a report to a client. The report indi- cates the duration of each security in the portfolio. One of the securities has a matu- rity of 15 years but a duration of 25. The client believes that there is an error in the report because he believes that the duration cannot be greater than the security's maturity. What would be your response to this client? In particular in answering this question: a.) write your respons in a text box on the worksheet no more than 500 words. A complete example will be accompanied by calculations in the worksheet of examples that point out why the report is possibly true or possibly false