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Problem 3. A newly issued bond has a face value of $1000, a maturity of 10 years and pays a 5.5% coupon rate (with coupon

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Problem 3. A newly issued bond has a face value of $1000, a maturity of 10 years and pays a 5.5% coupon rate (with coupon payments coming once annually). The bond sells at par value. Use annual compounding to find the modified duration of the bond

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