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The Clarence Corporation has issued bonds that pay semiannually with the following characteristics: Coupon Yield to Maturity Maturity Macaulay Duration 8% 8% 15 years 10

The Clarence Corporation has issued bonds that pay semiannually with the following characteristics: Coupon Yield to Maturity Maturity Macaulay Duration 8% 8% 15 years 10 years a. Calculate modified duration using the information provided. b. Explain why modified duration is a better measure than maturity when calculating the bond

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