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A 20-year annual coupon bond is currently selling for its par value of $10,000 with an annual yield of 7%. If the bond is callable

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A 20-year annual coupon bond is currently selling for its par value of $10,000 with an annual yield of 7%. If the bond is callable at par, what is the effective duration of the bond, assuming rates change by 2%? The price of the bond at a 9% interest rate equals $8,174.29. 4.56 years

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