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7. A coupon bond which pays interest annually has a par value of $1000, matures in 3 years and has a yield to maturity (YTM)

7. A coupon bond which pays interest annually has a par value of $1000, matures in 3 years and has a yield to maturity (YTM) of 5%. What is the duration of that bond if the coupon rate is 10%

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