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A $1,000 par value bond with a coupon interest rate of 12% per year paid semiannually matures in 2.5 years. The YT < for bonds

A $1,000 par value bond with a coupon interest rate of 12% per year paid semiannually matures in 2.5 years. The YT< for bonds of similar risk is 12%. Calculate the duration of this bond to 5 decimal place accuracy. Show work.

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