A bond portfolio consists of investments in three bonds, A, B and C. Some details of the portfolio are shown in the following table.

All bonds pay annual coupons and have just paid a coupon. What is the Macaulay duration of the portfolio?

A bond portfolio consists of investments in three bonds, A, B and C. Some details of the portfolio are shown in the following table. Bond Bond Type Yield Market Value 3-year, 8% coupon 7.25% pa A $509,796.40 B 5-year, 4.5% coupon 7.95% pa $1,465,518.64 C 10-year, 11% coupon 8.00% pa $1,801,953.66 Portfolio ? $3,777,268.70 All bonds pay annual coupons and have just paid a coupon. What is the Macaulay duration of the portfolio