Question: Suppose a company DEF issues a bond with a face value of $1000, a coupon rate of 6%, and a maturity date of 15 years.

Suppose a company DEF issues a bond with a face value of $1000, a coupon rate of 6%, and a maturity date of 15 years. The bond pays interest annually. If the current yield rate is 7%, what is the price of the bond? Also, what is the modified duration of the bond?

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