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Modified duration divides Macaulay duration by one plus:

AYield over m
BYield over n
CYield over p
DYield over q
Answer & Solution
Correct answer: A. Yield over m
1. Here y is the yield expressed as a percentage. 2. Here m is the number of times compounded. 3. So the divisor is one plus y over m. _Source: RBI, Glossary_
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