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An FI purchases a $9.500 million pool of commercial loans at par. The loans have an interest rate of 5% , a maturity of four

An FI purchases a $9.500 million pool of commercial loans at par. The loans have an interest rate of 5%, a maturity of four years, and annual payments of principal and interest that will exactly amortize the loan at maturity. What is the duration of this asset?

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