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A 9-year annual coupon bond is currently selling for its par value of $10,000 with an annual yield of 6%. If the bond is callable
A 9-year annual coupon bond is currently selling for its par value of $10,000 with an annual yield of 6%. If the bond is callable at par, what is the effective duration of the bond, assuming rates change by 1.3%? Please round your answer to 3 decimal places
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