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2. Melvin purchases a five-year 1000 par bond with annual coupons of 8% that is priced at $1,228.98. (a) What is the yield on this

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2. Melvin purchases a five-year 1000 par bond with annual coupons of 8% that is priced at $1,228.98. (a) What is the yield on this bond? (b) Calculate the Macaulay duration of this bond. (c) Calculate the modified duration of the bond

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