10 i. Calculate the value of duration for a four year, $1000 par value bond purchased today at a yield to maturity of 15 percent. The bond's coupon rate is 12%, and it pays interest at year's end. ii. Now suppose the market interest rate on comparable bonds falls to 14 percent. What percentage change in this bond's price will result? iii. Given the information in i. did the bond sell at a discount or premium?

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.