40) An investor buys a 10-year bond with a 7.5% coupon rate paid annually. The bond with a YTM of 6%, is purchased at a price of $111.040 per $100 of par value. Assuming a 25bp change in the YTM, the bond's approximate modified duration is closest to: a) 7.100 years b) 7.450 years c) 7.253 years