Effective Duration required, following, question, effective

jlg1982

For the following question, would you say 1.5 minutes is enough for all the required calculations?

A non-callable bond with 18 years remaining maturity has an annual coupon of 7% and a $1,000 par value. The current yield to maturity on the bond is 8%. Which of the following is closest to the effective duration of the bond?

A) 8.24.
B) 11.89.
C) 9.63.

Give it a try.