[Answer] Steel Pier Company has issued bonds that pay semiannually with the following characteristics:Coupon Yield to Maturity Maturity Macaulay Duration10% 10% 10 years 6.76 yearsIf the bond’s coupon was smaller than 10% the modified duration would be ________ compared to the original modified duration.

Answer: larger
Steel Pier Company has issued bonds that pay semiannually with the following characteristics:Coupon Yield to Maturity Maturity Macaulay Duration10% 10%…

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