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Consider a bond with semiannual interest payments that has a Settlement Date of 8 / 1 5 / 2 0 2 0 , a Maturity

Consider a bond with semiannual interest payments that has a Settlement Date of 8/15/2020, a Maturity Date of 12/15/2050, a Coupon Rate of 7.60%, a Market Price of $1,103, a Face Value of $1,000, and a Required Return of 7.50%. What is the Modified Duration using the MDuration function on these bonds expressed as a decimal calculated to two decimal places if you purchase them at the current market price? For example, if your answer is 12.345 then enter as 12.35 in the answer box.

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