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A bond with a coupon rate of 7 percent sells at a yield to maturity of 8 percent. If the bond matures in 1 1

A bond with a coupon rate of

7

percent sells at a yield to maturity of

8

percent. If the bond matures in

11

years, what is the Macaulay

duration?

Note: Do not round intermediate calculations. Round your answer to

3

decimal places.

Answer is complete but not entirely correct.

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