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A bond pays annual interest. Its coupon rate is 12%. Its value at maturity is $1,000. It matures in 3 years. Its yield to maturity

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A bond pays annual interest. Its coupon rate is 12%. Its value at maturity is $1,000. It matures in 3 years. Its yield to maturity is currently 8%. What is the duration of the bond? 0 2.71 years 2.74 years 2.78 years 2.80 years

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