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A $ 1 , 0 0 0 face value bond has a 6 . 0 % coupon and pays interest annually. The bond matures in

A $

1, 000

face value bond has a

6.0 %

coupon and pays interest annually. The bond matures in

4

years, and the annual market interest is

3 % .

What is the Macaulay duration?

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