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An investor wants to find the duration of a(n) 15-year, 10% semiannual pay, noncallable bond that's currently priced in the market at $704.74, to yield

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An investor wants to find the duration of a(n) 15-year, 10% semiannual pay, noncallable bond that's currently priced in the market at $704.74, to yield 15%. Using a 100 basis point change in yield, find the effective duration of this bond (Hint use Equation 11.11)

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