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Please no excel answers. 16. A semi-annual payment bond with a $1,000 par has a 7 percent quoted coupon rate, a 7 percent promised yield

Please no excel answers. image text in transcribed

16. A semi-annual payment bond with a $1,000 par has a 7 percent quoted coupon rate, a 7 percent promised yield to maturity, and 10 years to maturity. What is the bond's duration? (6 marks)

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