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THE ANSWER IS 15.5769, BUT CAN SOMEONE SHOW HOW TO WORK IT?????? A bond currently sells for $1,040, which gives it a yield to maturity

image text in transcribedTHE ANSWER IS 15.5769, BUT CAN SOMEONE SHOW HOW TO WORK IT??????

A bond currently sells for $1,040, which gives it a yield to maturity of 8%. Suppose that if the yield increases by 30 basis points, the price of the bond falls to $995. What is the modified duration of this bond? (Do not round intermediate calculations. Round your answer to 4 decimal places.) Duration ... years

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