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Help Save & Exit Submit Problem 3 - 4 1 ( LG 3 - 8 ) You have discovered that when the required rate of

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Problem 3-41(LG 3-8)
You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 9.5 percent to 9 percent, the fair present value rose from $975 to $985. The bond pays interest annually. What is the duration of this bond? Assume annual payments. (Do not round intermediate calculations. Round your answer to 1 decimal place. (e.g.,32.1))
\table[[Duration of this bond,,years]]
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