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A financial instrument provides three future cash flows: $1,710.00 at the end of 3 years $1,051.74 at the end of 8 years $2,105.93 at the

A financial instrument provides three future cash flows:

  1. $1,710.00 at the end of 3 years
  2. $1,051.74 at the end of 8 years
  3. $2,105.93 at the end of 14 years

Calculate the duration (D) of the financial instrument at a yield of 6% pa compounded yearly. Give your answer in years to 2 decimal places.

D = years

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