You intend to purchase a 2-year bond. The bond has a $2,500 face value and coupon payments are quarterly. Coupon rate of this bond is 38%. Market interest rate is 8 percent, what is the duration of the bond (in terms of quarters)? (Answer is rounded)

Yantnz:

7.25

7.61

7.04

6.79

6.38 ( solution with explanation please)