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A bond has a current price of $1,040. The yield on the bond is 8%. If the yield changes from 8% to 8.1%, the price

A bond has a current price of $1,040. The yield on the bond is 8%. If the yield changes from 8% to 8.1%, the price of the bond will go down to $1,035. The modified duration of this bond is _________.

A. 4.25

B. 5.32

C. 5.20

D. 4.81

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