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What is duration? Explain. Calculate the duration of a bond with 10 years to maturity, annual coupon of 2.5 percent and a yield to maturity

What is duration? Explain. Calculate the duration of a bond with 10 years to maturity, annual coupon of 2.5 percent and a yield to maturity of 2.0 percent. (use excel and copy your calculations into the answer document). How much will the price of the bond change if the yield to maturity increases by 0.5 percent? Show your calculations.

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