Question: A bond currently sells for RM920 based on a par value of RM1,000 and promises RM90 in coupon payment for three years before being retired.

A bond currently sells for RM920 based on a par value of RM1,000 and promises RM90 in coupon payment for three years before being retired. Yields to maturity on comparable-quality securities are currently at 12 percent. Calculate the bond's duration show the formula used

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