Required:

A bond currently sells for $$1,100,$ which gives it a yield to maturity of $5\%.$ Suppose that if the yield increases by $25$ basis points, the

price of the bond falls to $$1,060.$ What is the modified duration of this bond? $($Do not round intermediate calculations. Round your

answer to $4$ decimal places.$)15\mathrm{.}27$ is wrong