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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 8.4 percent to 7.9 percent,

You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 8.4 percent to 7.9 percent, the fair present value rose from $960 to $980. What is the duration of this bond? Assume annual payments.

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