Consider a 30-year Bond with $1,000 face value, which offers 10% annual coupon, paid once a year.

Assume that interest rates, hence YTM (Yield to Maturity) changed from 6% to 7%.

What is the duration of the Bond in years? Enter your answer in the following format: 12.34 Hint1: Answer is between 10.24 and 12.77 Hint2: Duration = (new bond price - old bond price) * (-100) / old bond price