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4. A $1,000 bond with 8% annual coupons matures in 3 years at $1,100. It is purchased at a price to yield 9% effective. Determine

4. A $1,000 bond with 8% annual coupons matures in 3 years at $1,100. It is purchased at a price to yield 9% effective. Determine the modified duration of the bond. Select one: a. 2.589 b. 2.796 c. 2.551 d. 2.566 e. 2.340

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