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Nancy purchased two bonds to form a portfolio as follows: i) Bond A has semiannual coupons at 3.7%, a duration of 20.36 years, and was

Nancy purchased two bonds to form a portfolio as follows:

i) Bond A has semiannual coupons at 3.7%, a duration of 20.36 years, and was purchased for 965.

ii) Bond B is a fifteen-year zero-coupon bond with a face value of 1000 and a yield rate of 3.2%.

Calculate the duration of the portfolio at the time of purchase.

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