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A bank has six-year coupon bonds with a total face value of $10 million, market value of $9.5 million, and Macaulay duration of 4.4 years.

A bank has six-year coupon bonds with a total face value of $10 million, market value of $9.5 million, and Macaulay duration of 4.4 years. The current market yield on the bonds is 10 percent. The maxi...

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