What does a duration of 5 years mean?

A duration of 5 years means a period of time that lasts for five consecutive years, measuring length of time from start date to end date spanning five years, used in many contexts like contracts, warranties, finance, and education. For example, if something has duration of 5 years from January 1, 2024, it lasts until December 31, 2028, covering 60 months or approximately 1,825 days accounting for leap years. In finance, duration of 5 years for bond means bond matures in 5 years. In roofing, Owens Corning Duration shingles have name Duration but warranty is longer than 5 years, typically limited lifetime. In legal contracts, duration of 5 years means agreement is valid for 5 years. In warranties, duration of 5 years means manufacturer covers defects for 5 years. In education, duration of 5 years means program takes 5 years to complete, like 5-year engineering degree. In construction projects, duration of 5 years means project timeline is 5 years. In insurance, duration of 5 years means policy term is 5 years. Duration is measured from start date inclusive to end date. A duration of 5 years is considered medium-term, longer than short-term 1 year but shorter than long-term 10 plus years. It is commonly used for business plans, leases, and loans. So duration of 5 years simply means time span lasting five years from beginning to end.