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13. At 6.83% yield, the duration of a perpetuity bond that pays $500 per year is 14. A bond has a current price of $1,054.07.

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13. At 6.83% yield, the duration of a perpetuity bond that pays $500 per year is 14. A bond has a current price of $1,054.07. The yield on the bond is 8%. If the yield changes from 8% to 8.5%, the price of the bond will go down to $1,032.88. The modified duration of this bond is

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