What the bond approximate modified duration is closest to

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Problem 1: An investor buys a four-year bond with a 9% coupon rate paid annually. The bond, with a yield-to-maturity of 7%, is purchased at a price of 106.7744 per 100 of par value. Assuming a 5-basis point change in yield-to-maturity, the bond's approximate modified duration is closest to

Reference no: EM132999944

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