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Consider a 7.5%-coupon bond with a face value of $1,000 and a remaining maturity of 3 years. The bond pays coupons annually, so there are

Consider a 7.5%-coupon bond with a face value of $1,000 and a remaining maturity of 3 years. The bond pays coupons annually, so there are three remaining payments. What is the duration of the bond if the yield-to-maturity is 5%?

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