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An investment pays 1000 at the end of year 2; 2000 at the end of year 3; and 4000 at the end of year 4.

An investment pays 1000 at the end of year 2; 2000 at the end of year 3; and 4000 at the end of year 4. It was purchased to yield an annual effective rate of 6.5%. Find the Macaulay duration for this investment

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