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A newly-issued 5-year bond has a face value and maturity value of 1,000. Coupons are paid annually at a 4% rate. The bond is selling

A newly-issued 5-year bond has a face value and maturity value of 1,000.

Coupons are paid annually at a 4% rate.

The bond is selling for 980.

Calculate the bonds Macaulay duration.

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