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What is duration of a bond? Explain briefly. A 4 years bond with an annual coupon rate of 5% has a face value of $1000

What is duration of a bond? Explain briefly.

A 4 years bond with an annual coupon rate of 5% has a face value of $1000 and is trading for $930. What are the MacD and ModD if the current market interest rate is 8 %? Show your calculations step-by-step.

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