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Bond ABC has maturity of 1.5 years, yield to maturity of 6%, coupon rate of 12%, pays interest semi-annually, and is currently quoted at 108.4858.

Bond ABC has maturity of 1.5 years, yield to maturity of 6%, coupon rate of 12%, pays interest semi-annually, and is currently quoted at 108.4858. What is the Macaulay duration of this bond in years? All rates are annualized on a semi-annual bond equivalent yield basis.

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