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A $100 par value bond with 7% annual coupons and maturing at 4 years is sold at a price to yield 6% effective. Determine the

A $100 par value bond with 7% annual coupons and maturing at 4 years is sold at a price to yield 6% effective. Determine the Macaulay duration and modified duration of the bond. Show all work and numerical equations.

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