Duration is considered common knowledge in the fixed income. Describe the concep

Duration is considered common knowledge in the fixed income. Describe the concept of duration and the technical ways of computing duration. In your opinion, is duration better than convexity or worse?
Compute Macaulay and modified durations for the following three bonds in the Excel spreadsheets. (Question 7.20 on the page of 227 of the textbook.)
(Hints: Use the Excel functions Duration and Mduration to calculate the required durations. They are of the form:
DURATION(Start Date; Terminal Date; Coupon; Yield; Frequency)
MDURATION(Start Date; Terminal Date; Coupon; Yield; Frequency) ,
where frequency determines the number of coupon payments per year. In order to use the function, you need to give Excel a start date (settlement date) and terminal date (maturity date), but you can just pick two dates that are exactly the requested number of years apart.)
For example, to calculate Maculay Duration:
E
F
G
1/1/18
Settlement date
1/1/23
Maturity date
6.43%
Percent coupon
6.43%
Percent yield
1
Frequency is semiannual
1
Actual/actual basis
Result
Formula
4.4311
The duration, for the bond with the terms above
=DURATION(E6,E7,E8,E9,E10,E11)

1) A 5-year bond paying annual coupons of 4.432% and selling at par.
2) An 8-year bond paying semiannual coupons with a coupon rate of 8% and a yield of 7%.
3) A10-year bond paying annual coupons of 6% with a price of $92 and maturity value of $100. (Hints: Find the yield to maturity of this bond first, by using the YIELD function of Excel.)

Provide the rationale and attach the spreadsheets in your discussion.