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Five years ago, Tim bought a 12-year, 7% semi-annual coupon bond. Face Value= 1000. If...

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Five years ago, Tim bought a 12-year, 7% semi-annual coupon bond. Face Value= 1000. If the yield to maturity (compounded semi-annually) is 5.5%, what is the bond's duration today? What does this duration tell us? (10 marks)

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