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35. Bond X has a five-year maturity with a face value of $1,000, it pays fixed coupon of 6.00% per annum. Bond X is currently

35. Bond X has a five-year maturity with a face value of $1,000, it pays fixed coupon of 6.00% per annum. Bond X is currently yielding 10 per cent.

Calculate the duration of the bond.

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