What is the bonds approximate modified duration, Finance Basics

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What is the bonds approximate modified duration

Problem

An investor buys a three-year bond With a 7% coupon rate paid annually. The bonds yield-to-maturity is 8%. Assume a 6 basis point change in yield-to-maturity.

Step I: Calculate PV0, PV-, and PV+ to 6 decimal places per 100 of par value.
Step II: What is the bond's approximate modified duration?

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Finance Basics: What is the bonds approximate modified duration

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