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A bank offers a two-year bond with par value $1,000 with 4% coupon rates, semi-annually. The yield rate of this bond is 8% convertible semi-annually.

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A bank offers a two-year bond with par value $1,000 with 4% coupon rates, semi-annually. The yield rate of this bond is 8% convertible semi-annually. What is the Macaulay duration of the two-year bond

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