You are given the following information about a 30-year bond: i. The par value is 2000....

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You are given the following information about a 30-year bond: i. The par value is 2000. ii. The redemption value is 2250. iii. Coupons are paid annually. iv. The annual coupon rate is twice the annual yield rate. v. The purchase price is 3609.29. vi. Based on the yield rate, the Macaulay duration of the bond is 14.41 years. Calculate the modified duration of the bond, based on the yield rate. You are given the following information about a 30-year bond: i. The par value is 2000. ii. The redemption value is 2250. iii. Coupons are paid annually. iv. The annual coupon rate is twice the annual yield rate. v. The purchase price is 3609.29. vi. Based on the yield rate, the Macaulay duration of the bond is 14.41 years. Calculate the modified duration of the bond, based on the yield rate.