What is the duration of a bond (it is also called Macaulay duration) that has a par value of $1,000, a coupon rate of 10.56 percent (paid annually), and that matures in 10 years? Assume a market yield-to maturity on this bond is 3.82 percent.

Round the answer to two or more decimal places.

You should use an online Duration calculator. One is provided at this link (copy and paste the link into another browser tab):

https://exploringfinance.com/bond-duration-calculator/

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