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A 12-year bond pays annual coupons of 4%. The redemption amount of the bond is 110% of the face amount. The yield-to-maturity of the bond

A 12-year bond pays annual coupons of 4%. The redemption amount of the bond is 110% of the face amount. The yield-to-maturity of the bond is 3% annually.

Determine the modified duration of the bond.

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