Calculate the duration of a coupon bond with the following features. What general conclusion can we make about the duration of coupon bonds relative to their time to maturity? Face value of $1000 Five...

1. Calculate the duration of a coupon bond with the following features. What general conclusion can we make about the duration of coupon bonds relative to their time to maturity?
   

      Face value of $1000

      Five years to maturity

      Coupon rate of 11%, paid semi-annually

      Current price of $970

          (Hint: The effective annual yield should be 12.1604%.)