Question: Please help me with the question below with detailed steps, thank you! Question 1. (a) Calculate the duration of a 12-year annuity immediate payable using

Please help me with the question below with detailed steps, thank you!

Question 1. (a) Calculate the duration of a 12-year annuity immediate payable using an interest rate of 5%. Hint: 5.92 (b) Calculate the modified duration of the annuity. Hint: 5.64

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