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A 30-year maturity bond making annual coupon payments with acoupon rate of 12% has duration of 11.54 years and convexity of192.4. The bond currently sells at a yield to maturity of 8%.4.34pointsTime Remaining 2 hours 42 minutes 16 seconds02:42:16eBookPrintReferencesCheck my workCheck My Work button is now enabledItem22Item 22 4.34 pointsTime Remaining 2 hours 42 minutes 16 seconds02:42:16A 30-year maturity bond making annual coupon payments with acoupon rate of 12% has duration of 11.54 years and convexity of192.4. The bond currently sells at a yield to maturity of8%.a. Find the price of the bond if its yield tomaturity falls to 7%.(Do not round intermediatecalculations. Round your answer to 2Item224.34pointsTime Remaining 2 hours 41 minutes 51 seconds02:41:51eBookPrintReferencesCheck my workCheck My Work button is now enabledItem22Item 22 4.34 pointsTime Remaining 2 hours 41 minutes 51 seconds02:41:51A 30-year maturity bond making annual coupon payments with acoupon rate of 12% has duration of 11.54 years and convexity of192.4. The bond currently sells at a yield to maturity of8%.a. Find the price of the bond if its yield tomaturity falls to 7%.(Do not round intermediatecalculations. Round your answer to 2 decimal places.)b. What price would be predicted by the durationrule? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)4.34pointsTime Remaining 2 hours 41 minutes 22 seconds02:41:22eBookPrintReferencesCheck my workCheck My Work button is now enabledItem22Item 22 4.34 pointsTime Remaining 2 hours 41 minutes 22 seconds02:41:22A 30-year maturity bond making annual coupon payments with acoupon rate of 12% has duration of 11.54 years and convexity of192.4. The bond currently sells at a yield to maturity of8%.a. Find the price of the bond if its yield tomaturity falls to 7%.(Do not round intermediatecalculations. Round your answer to 2 decimal places.)b. What price would be predicted by the durationrule? (Do not round intermediate calculations. Round youranswer to 2 decimal places.)c. What price would be predicted by theduration-with-convexity rule?d-1. What is the percent error for each rule?(Enter your answers as positive values. Do not roundintermediate calculations. Roun