Question: A $ 1 , 0 0 0 bond has three years to maturity and has a coupon rate of 1 5 percent Coupon payments are

A $1,000 bond has three years to maturity and has a coupon rate of 15 percent Coupon payments are made annually. The bond is currently selling in the market for $1,072 and has a yield-to- maturity of 12%. What is the duration of this bond?

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