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An asset in the market is priced at 12,750 with an annual effective yield rate of 4.5%. The modified duration of the asset is Y.

An asset in the market is priced at 12,750 with an annual effective yield rate of 4.5%. The modified duration of the asset is Y. Garen uses the first-order Macaulay approximation to estimate the price of the asset if the yield rate were to decrease by 200 basis points. The result is 15,550. Calculate Y

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