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A corporate bond pays 8% annual coupon rate and has $1,000 par value. It will mature in 5 years and its yield to maturity is

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A corporate bond pays 8% annual coupon rate and has $1,000 par value. It will mature in 5 years and its yield to maturity is 9%. Calculate: (1) the bond's price. (2) its Macaulay duration

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