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Consider a security with a face value of $100 000 , which is to be repaid at maturity. The security pays an annual coupon of 8% and has a maturity of...

Consider a security with a face value of $100 000, which is to be repaid at maturity. The security pays an annual coupon of 8% and has a maturity of three years. The current discount rate is 10%. What is the security's duration (round to two decimals)?

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