Required: A bond currently sells for $1,170, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 30 basis points, the price of the bond falls to $1,140. What is the modified duration of this bond? (Do not round intermediate calculations. Round your answer to 4 decimal places.) Required: A bond currently sells for $1,170, which gives it a yield to maturity of 5%. Suppose that if the yield increases by 30 basis points, the price of the bond falls to $1,140. What is the modified duration of this bond? (Do not round intermediate calculations. Round your answer to 4 decimal places.)