A bank has two, 3-year commercial loans. The first is a loan that requires a single payment of $37.8 million in 3 years, with no other payments until then. The second loan requires an annual interest payment of $3.6 million. The principal of $40 million of the second loan is due in 3 years. The interest rate is 8%. Round your intermediate steps and your final answers to 0.0000. (e.g., round 0.45674 to 0.4567)

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What is the duration of the banks first loan?