18. Duration (LO4, CFA6) An 8 percent, 20-year corporate bond is priced to yield 9 percent. The...
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18. Duration (LO4, CFA6) An 8 percent, 20-year corporate bond is priced to yield 9 percent. The Macaulay duration for this bond is 8.85 years. Given this information, how many years is the bond’s modified duration?
a. 8.12
b. 8.47
c. 8.51
d. 9.25
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