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Calculate the approximate modified duration given a change in yield of 50 basis points. For a 25-year, 5% semiannual pay bond currently trading at 6%.

Calculate the approximate modified duration given a change in yield of 50 basis points.

For a 25-year, 5% semiannual pay bond currently trading at 6%.

Time to Maturity	25 years
Coupon Rate (Interest Paid Semiannually)	8%
Effective Interest Rate	9%
Par Value	1,000

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