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3. The price of a bond rose from $975 to $995 when the yield to maturity fell from 9.75% to 9.25%. What is the modified

3. The price of a bond rose from $975 to $995 when the yield to maturity fell from 9.75% to 9.25%. What is the modified duration? a) 2.3 b) 2.7 c) 3.4 d) 3.9 e) 4.1

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