A 10%, 30-year corporate bond was recently being priced to a yieldof 11%. The Macaulay duration for the bond is 11.3 years. Given this information, the bond's modified duration would be

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Modified duration is calculated as Macaulay duration divided by (1 + yield/number of coupon periods per year). For an annual coupon bond, this is 11.3 / (1 + 0.11) = 10.18.

A 10%, 30-Year Corporate Bond Was Recently Being Priced to a Yieldof