Question: A corporate bond being seriously considered for purchase by Old Dominion Financial will mature 20 years from today and promises a 7 percent interest payment

A corporate bond being seriously considered for purchase by Old Dominion Financial will mature 20 years from today and promises a 7 percent interest payment once a year. Recent inflation in the economy has driven the yield to maturity on this bond to 10 percent, and it carries a face value of $1,000. Calculate this bond€™sduration.

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