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A bond pays annual interest. Its coupon rate is 10%. Its value at maturity is $1,000. It matures in 3 years. Its yield to maturity

A bond pays annual interest. Its coupon rate is 10%. Its value at maturity is $1,000. It matures in 3 years. Its yield to maturity is currently 9%. What is the duration of the bond?

		2.71 years
		2.74 years
		2.78 years
		2.80 years

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