1. Find the convexity of a seven-year maturity, 6.7% coupon bond selling at a yield to maturity of 9.3%. The bond pays its coupons annually. (Do not round intermediate calculations. Round your answer to 4 decimal places.)
Convexity:
2. What is the importance of a legal infrastructure to support financial markets?
3. The concept of value is difficult to capture in our present system of accounting and finance.