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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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