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Required: A bond currently sells for $1,060, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 50 basis

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Required: A bond currently sells for $1,060, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 50 basis points, the price of the bond falls to $1,035. What is the modified duration of this bond? (Do not round intermediote calculations. Round your onswer to 4 decimal ploces.)

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