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A bond is currently selling for $1000. The yield to maturity on the bond is 6.5% with annual compounding and a maturity of 10 years.

A bond is currently selling for $1000. The yield to maturity on the bond is 6.5% with annual compounding and a maturity of 10 years. If the price of the bond goes to $964.88, what is the modified duration of this bond?

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