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A financial instrument provides three future cash flows: $1,723.11 at the end of 3 years $2,531.14 at the end of 9 years $1,773.26 at the

A financial instrument provides three future cash flows:

  1. $1,723.11 at the end of 3 years
  2. $2,531.14 at the end of 9 years
  3. $1,773.26 at the end of 10 years

Calculate the duration (D) of the financial instrument at a yield of 10% pa compounded yearly. Give your answer in years to 2 decimal places.

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