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A bond matures in 25 years, has a 18 year duration and a yield to maturity of 7%. Calculate: (1) its modified duration (using formula)

A bond matures in 25 years, has a 18 year duration and a yield to maturity of 7%. Calculate: (1) its modified duration (using formula) (2) the percentage change in the bond price, when the yield increases by 0.5%. Show your calculation and then explain your answer briefly

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