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A $1,000 face value bond has a 12.0% coupon and pays interest annually. The bond matures in 4 years, and the annual market interest is

A $1,000 face value bond has a 12.0% coupon and pays interest annually. The bond matures in 4 years, and the annual market interest is 3%. What is the Macaulay duration?

Please show your work (preferably in Excel)!

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