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9- A 4-year annual coupon bond has coupons of 10 per year starting one year from now and matures in 4 years for amount 120.

9- A 4-year annual coupon bond has coupons of 10 per year starting one year from now and matures in 4 years for amount 120. The yield to maturity for the bond is 12.2% (effective annual). Find the Macaulay duration for the bond. (Assume a flat term structure).

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