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A $1,000 par value, 7% annual coupon bond matures in 4 years. The bond is currently priced at $1,034.65 and has a YTM of 6.0%.

A $1,000 par value, 7% annual coupon bond matures in 4 years. The bond is currently priced at $1,034.65 and has a YTM of 6.0%. What is the Macaulay duration?

4.00 years

3.28 years

3.63 years

3.41 years

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