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You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 8 percent to 7.5 percent,

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You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 8 percent to 7.5 percent, the fair present value rose from $940 to $960. The bond pays interest annually. What is the duration of this bond? Assume annual payments. (Do not round intermediate calculations. Round your answer to 1 decimal place. (e.g., 32.1)) Duration of this bond years

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