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1 (a) Yaw Appiah purchased a debt instrument that promises to pay GHS120 for a period of 20 years. If the instrument was acquired at

1 (a) Yaw Appiah purchased a debt instrument that promises to pay GHS120 for a period of 20 years. If the instrument was acquired at GHS975, what is the yield to maturity?

1 (b) Determine the yield to maturity of a three-month certificate of deposit that currently sells at GHS940 and has a face value of GHS1,000.

1 (c) Calculate the duration of a GHS1,000 ten-year coupon bond when the interest rate is 10% interpret the results

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