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duration of a bond? Explain briefly. A 4 years bond with an annual coupon rate of 5% has a face value of $1000 and is

duration of a bond? Explain briefly.
A 4 years bond with an annual coupon rate of 5% has a face value of $1000 and is trading for $930. What are the MacD and ModD if the current market interest rate is 8 %? Show your calculations step-by-step. do I have to use 8% (the given market interedt rate) or fo I need to use the interest rate of trading value of the bond (930) which is 7 %?

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