Discovered that when the required rate of return on bond

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Reference no: EM131821466

You have discovered that when the required rate of return on a bond you own fell by 0.5 percent from 9.7 percent to 9.2 percent, the fair present value rose from $945 to $970. 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))

Reference no: EM131821466

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