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A $1,000 face value bond has a 7 percent coupon and pays interest semiannually. The bond matures in 10 years and has a yield to

A $1,000 face value bond has a 7 percent coupon and pays interest semiannually. The bond matures in 10 years and has a yield to maturity (YTM) of 5 percent. What is the duration of this bond? What if the YTM is 9 percent? What can you say about the connection between YTM and duration?

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