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A newly issued bond has a maturity of 4 years and pays a 7% coupon rate p.a. (with coupon payments coming once annually). The bond

A newly issued bond has a maturity of 4 years and pays a 7% coupon rate p.a. (with coupon payments coming once annually). The bond sells at par value with a face value of $1,000. Which answer below is most close to the duration of the bond?

A. 4.00

B. 3.85

C. 3.62

D. 3.43

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