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Please show steps calculated by-hand. 3) A bond has a par value of $1000, a time to maturity of 3 years, and an annual coupon

Please show steps calculated by-hand.

3) A bond has a par value of $1000, a time to maturity of 3 years, and an annual coupon rate of 8%. The coupon is paid once a year. The current yield to maturity is 10%. What is the duration of this bond? a) 1.78 b) 2.78 c) 3.78 d) 4.78

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