Suppose a bank has financed a $11,000,000 10-year loan with an annual coupon rate of 8.34% with a 15-year $11,000,000 CD with a semiannual coupon rate of 6.76%. The yield on the loan is 8.55% and the yield on the bond is 6.32%.
Calculate the
(i) duration and
(ii) modified duration for the loan.