Question: Consider a security with a face value of $100 000 to be repaid at maturity. The maturity of the security is three years. The coupon

Consider a security with a face value of $100 000 to be repaid at maturity. The maturity of the security is three years. The coupon rate is 9% per annum and coupon payments are made semi-annually. The current discount rate is 12% per annum. What is the security's duration (round your answer to two decimals)?

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