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A $1,000 bond with 8% annual coupons payable each December 31 and maturing at par on December 31, 1990 is purchased on January 1, 1980

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A $1,000 bond with 8% annual coupons payable each December 31 and maturing at par on December 31, 1990 is purchased on January 1, 1980 to yield 7%. Determine the Macaulay duration of the bond as of January 1, 1988

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