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)

Show your work.

What is the duration of the banks second loan? Show your work for each step.