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A bond pays annual interest. It has a $1000 par value and matures in 4 years with a 9% coupon rate. The bond has a

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A bond pays annual interest. It has a $1000 par value and matures in 4 years with a 9% coupon rate. The bond has a yield to maturity (YTM) of 6%. Calculate the duration of this bond. a) 1.91 years b) 2.44 years c) 3.03 years d) 3.56 years

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