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A liability has a present value of $5,000 at an effective annual rate of interest of 4%. When the interest rate increases to 4.4%, the

A liability has a present value of $5,000 at an effective annual rate of interest of 4%. When the interest rate increases to 4.4%, the present value of this liability is $4,905 using a first-order Macaulay approximation. Find Dmac(0.03).

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