Calculate the duration of a $1,000, 6% coupon bond with three years to maturity. Assume that all

Question:

Calculate the duration of a $1,000, 6% bond with three years to maturity. Assume that all market interest rates are 7%.

Coupon
A coupon or coupon payment is the annual interest rate paid on a bond, expressed as a percentage of the face value and paid from issue date until maturity. Coupons are usually referred to in terms of the coupon rate (the sum of coupons paid in a...