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Bond Z is a 4% annual coupon bond maturing in 5 years with a face value of $1,000. The interest rate for all maturities is
Bond Z is a 4% annual coupon bond maturing in 5 years with a face value of $1,000. The interest rate for all maturities is 10%. What is Bond Z's Macaulay duration? NOTE: Answers should be expressed in years rounded to the nearest hundredth (0.01) - for example, enter 1.2345 years as 1.23. Intermediate results should not be rounded to less than 6 decimal places unless instructed otherwise. years
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