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please show the detail 14. A 20-year, 12% annual coupon bond has a par value of $1,000. Assume an effective annual interest rate of 10%.

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14. A 20-year, 12% annual coupon bond has a par value of $1,000. Assume an effective annual interest rate of 10%. Calculate the modified duration ( or the "volatility") of the bond. (A) 7.5 (B) 8.3 (C) 9.1 (D) 10.0 (E) 11.2

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