Question: A municipal bond has a $1,000 face (par) value. Its yield to maturity is 5 percent, and the bond promises its holders $60 per year

A municipal bond has a $1,000 face (par) value. Its yield to maturity is 5 percent, and the bond promises its holders $60 per year in interest (paid annually) for the next 10 years before it matures. What is the bond’s duration?

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