Question: You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 9.1 percent to 8.6 percent,

You have discovered that when the required rate of return on

You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 9.1 percent to 8.6 percent, the fair present value rose from $955 to $965. The bond pays interest annually. What is the duration of this bond? Assume annual payments, (Do not round intermediate calculations. Round your answer to 1 decimal place. (e.g., 32.1))

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