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A zero-coupon bond has a par value of $1,000 and matures in 8.6 years. The yield to maturity is 7.3 percent. What's the Macaulay duration?

A zero-coupon bond has a par value of $1,000 and matures in 8.6 years. The yield to maturity is 7.3 percent. What's the Macaulay duration? Show work.

a. 6.9 years

b. 8.6 years

c. 2.1 years

d. 4.3 years

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