Interested is paid annually at the end of the year, Financial Management

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Interested is paid annually at the end of the year

Management at the software company INITECH decided to issue a 6 years Bond at a coupon rate of 6.5% per year and face value of $1,000,000. Interested is paid annually at the end of the year. Investors are expecting to yield 3.2%. What is the duration of this Bond? Please show all work-- no excel.

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Financial Management: Interested is paid annually at the end of the year

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Financial Management: Interested is paid annually at the end of the year

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