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 the second loan of $40 million 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)

Question 1 : What is the duration of the banks first loan?