12. Duration (LO4, CFA6) Which of the following states the correct relationship between Macaulay duration and modified

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12. Duration (LO4, CFA6) Which of the following states the correct relationship between Macaulay duration and modified duration?

a. Modified duration = Macaulay duration/(1 + YTM/2)

b. Modified duration = Macaulay duration × (1 + YTM/2)

c. Modified duration = Macaulay duration/YTM

d. Modified duration = Macaulay duration × YTM

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