Compute the Duration for the Data in This Problem Using

Multiple Choice

Compute the duration for the data in this problem using a discount rate of 12%. $$\begin{array} { | c | c | } \hline & \text { Cash } \\\hline \text { Year, t } & \text { Flow } \\\hline 1 & 90 \\\hline 2 & 90 \\\hline 3 & 90 \\\hline 3 & 1000 \\\hline\end{array}$$

A) 3.00 years
B) 2.95 years
C) 2.85 years
D) 2.75 years
E) 2.65 years