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An investor wants to find the duration of a ( n ) 2 5 - year, 7 % semiannual pay, noncallable bond that's currently priced

An investor wants to find the duration of a(n)25-year, 7% semiannual pay, noncallable bond that's currently priced in the market at $802.38, to yield 9%. Using a 150 basis point change in yield, find the effective duration of this bond (Hint: use Equation11.11).

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