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A corporate bond with annual coupons has a yield to maturity of 12% and a current price of $988. As the yield to maturity falls
A corporate bond with annual coupons has a yield to maturity of 12% and a current price of $988. As the yield to maturity falls by 0.4 percentage points, its price increases by $15.69.
Part 1
What is the bond's duration?
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