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Question 22 5 pts Assume that a 5-year bond pays interest of $110 once a year (1 payment / year) and will mature for $1,000.

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Question 22 5 pts Assume that a 5-year bond pays interest of $110 once a year (1 payment / year) and will mature for $1,000. Also assume that the yield to maturity on this bond is currently 12 percent. Given this information, determine the duration of this bond. Enter your answer in decimal format, truncated to 2 decimal places. For example, if your answer is 7.1186 years, enter "7.11

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