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Renegade Sports have issued 5 year bonds to raise capital for expansion into new markets. The bonds pay coupons annually at an effective annual rate
Renegade Sports have issued 5 year bonds to raise capital for expansion into new markets. The bonds pay coupons annually at an effective annual rate of 7% pa. The face amount of the bonds is $175,000 and they have an effective annual yield of 4% pa. Calculate the duration (D) of the Renegade bonds. Give your answer in years to 2 decimal places.
D = ____ years
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