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$1,000 at face value, 7% at interest rate (annual interest payments), and three-year bonds are now traded at $974.23. When the yield on maturity (YTM)
$1,000 at face value, 7% at interest rate (annual interest payments), and three-year bonds are now traded at $974.23. When the yield on maturity (YTM) is 8.0%, what is the modified duration of the bond?
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