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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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