Compute the Macaulay duration under the following conditions:
a. A bond with a five-year term to maturing, a 12 percent coupon (annual payments), and a market yield of 10 percent.
b. A bond with a four-year term to maturity, a 12 percent coupon (annual payments), and a market yield of 10 percent.
c. Compare your answers to Parts a and b, and discuss the implications of this for classical immunization.