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A bond currently has a price of $1205. The current yield to maturity on the bond is 9%. If the yield decreases by 50 basis

A bond currently has a price of $1205. The current yield to maturity on the bond is 9%. If the yield decreases by 50 basis points, the price of the bond will go up to $1243. Based on this information, calculate the modified duration of the bond.

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