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What is the modified duration of the bond

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Question - On December 31, 2020, a firm issued a Senior Bond of $100 million at 3% maturing on December 31, 2022. The notes are payable semi-annually on June 30 and December 31 of each year. The notes sold for 103 million at a market rate of 2%. What is the modified duration of the bond?

Reference no: EM132967272

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