Solved: What is the duration of asset, Finance Basics

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What is the duration of asset

Assignment:

An FI purchases a $9,982 million pool of commercial loans at par. The loans have an interest rate of 8 percent, a maturity of five years, and annual payments of principal and interest that will exactly amortize the loan at maturity. What is the duration of this asset?

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Finance Basics: What is the duration of asset

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