A Ford Motor Co. coupon bond has a coupon rate of 5.8%, a face value of $1,000, and pays annual coupons. The bond will mature in 4 years. The bond's yield-to-maturity is 5.6%. What is this bond's Macaulay Duration (MacD)?

(Hint: Not covered in the eText. Check out your class notes and the TopHat note titled "Bond risk and duration".

Step 1: Find the coupon amounts and draw the cashflow timeline.

Step 2: Compute the bond's price discounting each cashflow one by one from Step 1 at the bond's yield-to-maturity.

Step 3: Multiply each cashflow's present value from Step 2 with that cash flow's duration. For example, the coupon to be paid in 2 years has a duration of 2.

Step 4: Add up the terms from Step 3 and divide the sum by the bond's price from Step2. This is the bond's MacD).

MacD of the bond is ____ years. (Round to two decimal places.)