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A 30 year corporate bond with a face amount of $1,000 and a 5.6% coupon (paid semi-annually) was issued 15 years ago. Given a 30

A 30 year corporate bond with a face amount of $1,000 and a 5.6% coupon (paid semi-annually) was issued 15 years ago. Given a 30 BPS, what is its effective duration? Assume the current yield to maturity is 6.0%. Show all work.

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