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2. A municipal bond has a $1,000 par value. Its yield to maturity is 5%, and the bond promises it holders $60 per year in

2. A municipal bond has a $1,000 par value. Its yield to maturity is 5%, and the bond promises it holders $60 per year in interest (paid annually) for the next 10 years before it matures. What is the bonds duration?

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