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Two bonds are available for purchase in the financial markets. The first bond is a three year $1,000 bond that pays an annual coupon of

Two bonds are available for purchase in the financial markets. The first bond is a three year $1,000 bond that pays an annual coupon of 6 per cent. The second bond is a three-year $1,500, zero coupon bond. What is the duration of the coupon bond if the current yield to maturity (R) change to 5 per cent? Show all your workings by making use of a duration table.

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