Question: Solve the problems below and answer the questions. Be sure to show your formula and your work. Explain your answers. Each question is worth 20

Solve the problems below and answer the questions. Be sure to show your formula and your work. Explain your answers. Each question is worth 20 points.

What is the duration of a 10-year bond, selling for $877.11, with an 8% annual coupon is closest to:

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