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<ol><li>A bond has a face value of $1,000, an annual coupon rate of 3.70%, an yield to maturity of

7.4%, makes 2 (semi-annual) coupon payments per year, and 6 periods to maturity (or 3 years to maturity). Determine the duration of this bond. Notice that there is a function "Duration" in Excel, but you probably would like to check your answer with an analytical solution based on the specific duration formula. (10 points)</li></ol>

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