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A 20 year bond issued 5 years ago is reported as having Maculay duration of 11.4 years. With a 12% semmiannual coupon, a price of

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A 20 year bond issued 5 years ago is reported as having Maculay duration of 11.4 years. With a 12% semmiannual coupon, a price of $87.591. What is its modified duration 2007

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