Problem: Calculate the duration of an 8 percent, $1,000 par bond that matures in the three years if the bond's YTM is 10 percent and interest is paid semi-annually.
a) Calculate this bond's modified duration.
b) Assuming the bond's YTM goes from 10 percent to 9.5 percent, calculate an estimate of the price change.
Please show the work. Excel spreadsheet would be great.