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A bond currently has a price of $ 1 , 0 4 2 . The current yield to maturity on the bond is 6 %

A bond currently has a price of $1,042. The current yield to maturity on the bond is 6%. If the yield decreases by 30 basis points, the price of the bond will go up to $1,067. Based on this information, calculate the modified duration of the bond.

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