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QUESTION
a level annuity, payable annually, with 100 years to maturity has a coupon rate of 5% and is currently trading for $1000 which equals the face value...
a level annuity, payable annually, with 100 years to maturity has a coupon rate of 5% and is currently trading for $1000 which equals the face value of the instrument. what is the duration of this security?
i know the answer is 20.23, please explain it in detail! thank you!
