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An investor buys a 5-year bond with a 3.8% coupon rate paid annually. the bond, is priced at a yield-to-maturity of 6.5%. Assuming a 5

An investor buys a 5-year bond with a 3.8% coupon rate paid annually. the bond, is priced at a yield-to-maturity of 6.5%. Assuming a 5 bp change in the YTM, what is the bond's approximate modified duration?

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