A 5-year 5% annual coupon bond yields 4%. Compute the Macaulay duration of the bond. Do this by filling in the following table. Do not round - keep many decimals so that your duration should be accurate to 4 decimals.

(1)	(2)	(3)	(4)	(5)
Time Until payment (Years)	Payment	Payment Discntd at 4%	Weight = (3) / Sum(3)	Column (1) Column (4)
1	50	#24
2	50		#25
3	50	#26		#27
4	50		#28
5	1050			#29
Column Sum:			1.0000

Sum of Col 3, Price = $ #30

Sum of Col 5, Duration = #31 years