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Calculate the Macaulay duration of an 8 percent, $ 1 , 0 0 0 par bond that matures in three years if the bond s

Calculate the Macaulay duration of an

8

percent, $

1, 000

par bond that matures in three years if the bond

s YTM is

10

percent and interest is paid semiannually.

Calculate this bond

s duration.

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