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A 15-year mortgage is repaid with level monthly payments. The yield is 12% compounded monthly. Calculate the Macaulay duration of the mortgage. A.3.2 B.5.4 D.9.7

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A 15-year mortgage is repaid with level monthly payments. The yield is 12% compounded monthly. Calculate the Macaulay duration of the mortgage. A.3.2 B.5.4 D.9.7 E. 10.3

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