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Calculate the modified duration for a 10-year, 12 percent bond with a yield to maturity of 10 percent and a Macaulay duration of 6.53 years.

Calculate the modified duration for a 10-year, 12 percent bond with a yield to maturity of 10 percent and a Macaulay duration of 6.53 years. The bond pays interest annually, settled on 1 Nov 2019 and matures on 31 Oct 2029.

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