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A bond pays interest yearly has a face value of $1,000, a coupon rate of 9%, four (4) years until maturity, while the market rate

A bond pays interest yearly has a face value of $1,000, a coupon rate of 9%, four (4) years until maturity, while the market rate for bonds of a similar rating is 6% at the time. Compute the Modified Macauley Duration (MMD) for the bond

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