What is the duration of the instrument

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Question: A debt instrument pays $10M in the end of one year, $zero for the next 8 years and then $100M at the end of the 10th year. The market rate is 5%. What is the duration of the instrument? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131965463

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