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Answer quickly with working for thumbs up Calculate the modified duration of a 3 -year 5% annual coupon bond. Assume that the current market interest

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Answer quickly with working for thumbs up

Calculate the modified duration of a 3 -year 5% annual coupon bond. Assume that the current market interest rate for all maturities is 8% (flat term structure). Note: Answers should be expressed in years rounded to the nearest hundredth (0.01) - for example, enter 1.23456 years as 1.23 in the answer box below. Intermediate results should not be rounded to less than 6 decimal places unless instructed otherwise. years Maximum marks: 7

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