1. You find a bond with 20 years until maturity that has a coupon rate of 7 percent and a yield to maturity of 8 percent. What is the Macaulay duration? The modified duration?
2. A municipal bond with a coupon rate of 5.60 percent sells for $4,890 and has eight years until maturity. What is the yield to maturity of the bond? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Omit the "%" sign in your response.)