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A bond currently has a price of $1,060. The yield on the bond is 5.0%. If the yield increases 25 basis points, the price of

A bond currently has a price of $1,060. The yield on the bond is 5.0%. If the yield increases 25 basis points, the price of the bond will go down to $1,040. Determine the Macaulay Duration of this bond. Show all your calculations.

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