Question: Please help me with the question below with detailed steps, thank you! Question 8. Suppose the current price of a financial instrument is 100. The

Please help me with the question below with detailed steps, thank you!

Question 8. Suppose the current price of a financial instrument is 100. The current interest rate is 5% annual effective. The modified duration is 20 Approximate the price of the asset when the interest rate decreases to 4% annual effective. Hint: 120

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