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Calculate the Macaulay duration of a 1 2 % , $ 1 , 0 0 0 par bond that matures in three years if the
Calculate the Macaulay duration of a $ par bond that matures in three years if the bond's YTM is and interest is paid semiannually.
a Calculate this bond's modified duration. Do not round intermediate calculations. Round your answer to two decimal places.
years
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