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Problem 4 (3 marks): The Arnold National Bank has a bond portfolio that consists of bonds with 5 years to maturity and a 9% coupon

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Problem 4 (3 marks): The Arnold National Bank has a bond portfolio that consists of bonds with 5 years to maturity and a 9% coupon rate. The yield to maturity is 6%. These bonds are selling in the market for $1126. Coupon payments are made annually on this bond. What is duration of these bonds

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