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Assume that an asset has the following end-of-year cash payments Year Payment $5000 $8000 $4200 $3500 What is this assets duration if the interest rate

Assume that an asset has the following end-of-year cash payments

Year Payment

$5000
$8000
$4200
$3500

What is this assets duration if the interest rate is 7%? Using duration, estimate the percentage change in the price of the asset if the interest rate decreased to 6%.

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