Question: Can you please provide the explanation, formula and correct answer for the problem above? For the following bond, Par value: 1,000 Coupon rate: 8% paid

Can you please provide the explanation, formula and correct answer for

Can you please provide the explanation, formula and correct answer for the problem above?

For the following bond, Par value: 1,000 Coupon rate: 8% paid annually Time to maturity: 3 years Interest rate: 6% What is the modified duration

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