Question: Need help with Finance Question, read it carefully and check your answer please. Thank you. Assume that a 5 -year bond pays interest of $110

Need help with Finance Question, read it carefully and check your answer please. Thank you.

Need help with Finance Question, read it carefully and check your answer

Assume that a 5 -year bond pays interest of $110 once a year ( 1 payment / year) and will mature for $1,000. Also assume that the yield to maturity on this bond is currently 10 percent. Given this information, determine the duration of this bond. Enter your answer in decimal format, truncated to 2 decimal places. For example, if your answer is 7.1186 years, enter "7.11

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