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A $1,000 par value, 5% annual coupon bond matures in 4 years. The bond is currently priced at $965.35 and has a YTM of 6.0%.

A $1,000 par value, 5% annual coupon bond matures in 4 years. The bond is currently priced at $965.35 and has a YTM of 6.0%. What is the Macaulay duration?

4.00 years

.43 years

3.68 years

2.81 years

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