23. A bond has $1,000 face value with annual coupon payments, a coupon
rate of 10 percent, a maturity of 4 years, and a yield to maturity of 8
percent. What is the duration of the bond?
(A) 3.71 years
(B)3.62 years
(C)3.50 years
(D)3.83 years
(E) 3.43 years
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