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A 30-year annual coupon bond has coupons of 10 per year beginning one year from now, and has a redemption value of 1000. If the

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A 30-year annual coupon bond has coupons of 10 per year beginning one year from now, and has a redemption value of 1000. If the yield-to-maturity for the bond is 4.8%, find the bond's Macaulay duration. (6 points)

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