Question: An investor buys a 3-year bond with a 5% coupon rate paid annually. The bond has a yield-to-maturity of 3%. Assuming a 5 basis point

An investor buys a 3-year bond with a 5% coupon rate paid annually. The bond has a yield-to-maturity of 3%. Assuming a 5 basis point change in yield-to-maturity, what is the bond’s Approximate Modified Duration?

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