An Annual Payment Bond with a $1,000 Par Has a 5

Multiple Choice

An annual payment bond with a $1,000 par has a 5% quoted coupon rate, a 6% promised ytm, and 6 years to maturity. What is the bond's duration?

A) 5.31 years
B) 5.25 years
C) 4.76 years
D) 4.16 years
E) 3.19 years [(t*CF_t/(1.06) ^t) ]/$950.83