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A bond with a coupon rate of 7 percent sells at a yield to maturity of 9 percent. If the bond matures in 1 2

A bond with a coupon rate of

7

percent sells at a yield to maturity of

9

percent. If the bond matures in

12

years, what is the Macaulay duration?

(

Do not round intermediate calculations. Round your answer to

3

decimal places.

)

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