Question: You purchase a 5-year bond that has a par value of $1,000 and an annual coupon payments of $160 each year (paid once a year).

You purchase a 5-year bond that has a par value of

You purchase a 5-year bond that has a par value of $1,000 and an annual coupon payments of $160 each year (paid once a year). Based on this information, determine the duration (in years) of this bond if the annual yield-to-maturity is 12.0 percent. Enter your answer in years, to 2 decimal places. For example, if your answer is 7.7546 years, enter "7.75

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