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An investor buys a 5% annual payment bond with three years to maturity. The bond has a yield-to-maturity of 4% and is currently priced at

An investor buys a 5% annual payment bond with three years to maturity. The bond has a yield-to-maturity of 4% and is currently priced at $103 per 100 of par. What is the bond's Macaulay duration?

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