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A bond pays annual interest. Its coupon rate is 10.7%. Its value at maturity is $1,000. It matures in 4 years. Its yield to maturity

A bond pays annual interest. Its coupon rate is 10.7%. Its value at maturity is $1,000. It matures in 4 years. Its yield to maturity is currently 7.7%. The duration of this bond is _______ years.

4.00

3.23

3.48

2.99

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