A bond has a face value of $1000, fixed coupon rate of 8.7% and 3 years to matur...
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A bond has a face value of $1000, fixed coupon rate of 8.7% and 3 years to maturity. The discount rate is 3.7%. If Macaulay duration equals to 2.78, what is modified duration in this case? State the answer as a number with 2 decimals (for example, 3.12).
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