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Calculate the Macaulay duration of a 12%,$1,000 par bond that matures in three years if the banfs YTM is 14% and intereat is paid stmiannually.

Calculate the Macaulay duration of a 12%,$1,000 par bond that matures in three years if the banfs YTM is 14% and intereat is paid stmiannually. a. Calculate this bones modifed duratien. Do not round intermediate calculations. Round your answer to two decinal plases. years places. Use a minus sign to enter negatve value, t any

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