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A 10-year 300,000 mortgage will be paid off with level annual payments. Assuming that the interest rate on the mortgage is 5.7%. Payments are made

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A 10-year 300,000 mortgage will be paid off with level annual payments. Assuming that the interest rate on the mortgage is 5.7%. Payments are made at the end of each year. Find the Macaulay duration of this mortgage. (A) 5.21 (B) 4.88 (C) 5.15 (D) 5.05 (E) 4.91

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