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Compute the Macaulay duration of a ten-year 6% $1,000 bond having annual coupons and a redemption of $1,200 if the yield to maturity is 8%

Compute the Macaulay duration of a ten-year 6% $1,000 bond having annual coupons and a redemption of $1,200 if the yield to maturity is 8%

The answer is: 7.84562

*Please show work , NO Excel spreadsheets

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