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A bond has the following characteristics: Par value: $1000 Time to maturity: 5 years Coupon rate: 6.4% Yield to Maturity: 5.2% Semiannual payments. Calculate the

A bond has the following characteristics:

Par value: $1000

Time to maturity: 5 years

Coupon rate: 6.4%

Yield to Maturity: 5.2%

Semiannual payments.

Calculate the Duration for this semiannual coupon bond to the second decimal place.

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