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A $1,000 bond has seven years to maturity and has a coupon rate of 6 percent. Coupon payments are made annually. The bond is currently

A $1,000 bond has seven years to maturity and has a coupon rate of 6 percent. Coupon payments are made annually. The bond is currently selling in the market for $1,077. What is the duration of this bond?

Group of answer choices

8.8 years

7.5 years

7.9 years

8.4 years

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