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A bank has a 4-year commercial loan with a present value of $50 million. It requires an annual interest payment of $5 million. The principal

A bank has a 4-year commercial loan with a present value of $50 million. It requires an annual interest payment of $5 million. The principal of $50 million is due in 4 years. The interest rate is 10%. What is the duration of the loan? You must show your calculation

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