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

A bond with a coupon rate of

9

percent sells at a yield to maturity of

11

percent. If the bond matures in

15

years, what is the Macaulay duration?

(

Do not round intermediate calculations. Round your answer to

3

decimal places.

)

Macaulay duration

Years

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