Compute the duration of bond


Problem:

A bond currently sells for $1,070, which gives it a yield to maturity of 6%. Suppose that if the yield increases by 25 basis points, the price of the bond falls to $1,045.

Required:

Question: What is the duration of this bond?

Note: Be sure to show how you arrived at your answer.

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Accounting Basics: Compute the duration of bond
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