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A five-year bond with 4% annual coupons and an effective rate of interest equal to 8% is redeemed at par. Calculate the Macaulay duration of

A five-year bond with 4% annual coupons and an effective rate of interest equal to 8% is redeemed at par. Calculate the Macaulay duration of the bond. 4.22 4.28 4.40 4.48 4.59

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