What is the duration of the financial instrument

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Question - A financial instrument provides three future cash flows:

1. $2,553.59 at the end of 3 years

2. $2,997.97 at the end of 6 years

3. $2,289.96 at the end of 12 years

What is the duration (D) of the financial instrument at a yield of 8% pa compounded yearly?

Reference no: EM132513980

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