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A 27-year maturity bond making annual coupon payments with acoupon rate of 9% has duration of 11.5 years and convexity of191.2. The bond currently sells at a yield to maturity of 8%.Required:(a)Find the price of the bond if its yield to maturity falls to 7%or rises to 9%. (Round your answers to 2 decimal places.Omit the "$" sign in your response.) Yield to maturity of 7%$ Yield to maturity of 9%$ (b)What prices for the bond at these new yields would be predictedby the duration rule and the duration-with-convexityrule?(Round your answers to 2 decimal places. Omit the "$"sign in your response.)Duration ruleDuration-with-convexity rule YTM falls to 7%$ $ YTM increases to 9%$ $ (c)What is the percent error for each rule? (Round youranswers to 3 decimal places. Omit the "%" sign in yourresponse.) Duration ruleDuration-with-convexity rule Percent error for 7% YTM% % Percent error for 9% YTM% % (d)What do you conclude about the accuracy of the two rules?