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A bond has a face value of $1000 and coupon payments of $120 annually.This bond matures in three years and is selling in themarket for

A bond has a face value of $1000 and coupon payments of $120 annually.This bond matures in three years and is selling in themarket for $1160.Market interest rates are 6

A) 3 years

B) 5.71 years

C) 1.96 years

D) 2.71 years

E) None of the above

PLEASE WORK OUT

%.What is this bond's duration?

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