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An investment pays 1000 at the end of year one, 6000 at the end of year two, and 4000 at the end of year three.

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An investment pays 1000 at the end of year one, 6000 at the end of year two, and 4000 at the end of year three. It was purchased to yield an annual rate of 5%. Find the modified duration for this investment. (Round your answer to the nearest two decimals.)

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