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20.3 Calculate the duration of a 1-year bond with 6% coupon rate, paid semiannually, and 8% yield. Assume that the face value of the bond

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20.3 Calculate the duration of a 1-year bond with 6% coupon rate, paid semiannually, and 8% yield. Assume that the face value of the bond is $1000 (although the duration is the same for any face value.) 1. List all cash flows and the times at which they occur. 2. Calculate the present value of each cash flow. 3. Calculate the price of the bond. 4. Calculate the duration of the bond

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