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A bond is priced at 950, giving an annual effective yield to maturity of 9%. At 9%, the derivative of the price of the

A bond is priced at 950, giving an annual effective yield to maturity of 9%. At 9%, the derivative of the price of the bond with respect to the yield rate is -4, 750. Calculate the Macaulay duration of the bond in years. A 4.59 B 4.62 C 5.00 D 5.41 E 5.45

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