Question: A pension fund holds preferred shares paying $5 dividends per share per year. These dividends are paid in perpetuity. If the market currently requires a

A pension fund holds preferred shares paying $5 dividends per share per year. These dividends are paid in perpetuity. If the market currently requires a 7.83% rate on these preferred shares, calculate the Modified duration for these preferred shares. Enter your answer to 2 decimnal places

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