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Calculate the modified duration for a 5 year, 12.61% coupon bond with a yield to maturity of 10.20%. Assume the bond pays interest semi-annually and
Calculate the modified duration for a 5 year, 12.61% coupon bond with a yield to maturity of 10.20%.
Assume the bond pays interest semi-annually and has a par value of $100. Use a 20 basis point change as the annual change in rate for the duration calculation, and round all intermediate calculations to four digits.
The modified duration is ________
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