Exhibit 19.9 Use the Information Below for the Following Problem(S)

question 12

Multiple Choice

Exhibit 19.9
Use the Information Below for the Following Problem(S)
Consider two bonds, both pay annual interest. Bond Y has a coupon of 6% per year, maturity of 5 years, yield to maturity of 6% per year, and a face value of $1000. Bond X has a coupon of 7% per year, maturity of 10 years, yield to maturity of 4% per year, and a face value of $1000.
-Refer to Exhibit 19.9.Calculate the modified duration for Bond X.

• A) 4.22
• B) 7.8
• C) 7.5
• D) 9.2
• E) 4.34

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