1. Consider a security selling at par with a face value of $100 000 to be repaid at maturity. The maturity of the security is two years. The coupon rate is 9% per annum and coupon payments are made annually. The current discount rate is 9% per annum. What is the security's duration (round your answer to two decimals)?

   		2 years
   		2.12 years
   		1.92 years
   		1.81 years